Posts by Gil Tam
CBV Congress 2022
Abstract: Valuation is done in a dynamic business environment in which the future is a range possibilities. Value estimates using cost and market comparable methods may work in some situations but offer little insight into how uncertainty about the future influences value. A dynamic cash flow model extends the conventional static cash flow model method…
Read More2022 CIM Capital Projects Symposium
There are numerous methods of financing mining projects ranging from traditional project debt to alternative financing arrangements directly tied to metal prices such as net smelter royalties and offtake agreements. A project’s ability to fulfill its financing obligations is often analyzed by calculating the internal rate of return and financing ratios with a static cash…
Read More2022 SME Annual Conference
Staged project development is pushed by the mining industry as a means of reducing capital costs and financing requirements. Companies justifying a staged development approach often rely on qualitative arguments and financial analysis that is unable to demonstrate the true value and risk management benefits of this approach. In this paper, we consider the Blackwater Gold…
Read MoreIMVAL Workshop: Perspectives on mineral valuation
Greenfield exploration projects almost always have a significant value differential between the value stated in the economic analysis of the project’s NI43-101 report and the junior exploration company’s market capitalization. This differential may be used to attack the validity of the NI43-101 report and the junior exploration company. However, these criticisms demonstrate the lack of insight into…
Read MoreResources Policy
The mining industry has traditionally used pilot programs to test new technologies and innovative business processes. The recent introduction of lean innovation methods further emphasizes the importance of pilot programs to improve innovation performance. Using Bayesian modelling, we demonstrate that a pilot program can create value regardless of whether there is a high or low level of…
Read MoreCIM Webinar Series
Greenfield exploration and the design study sequence used to advance early-stage projects are a critical sector of the mining industry that provides the new mines needed to replace existing operations as they become depleted. Investing in this part of the industry is widely recognized as highly risky given that most early-stage prospects are never developed. Yet,…
Read MoreSME 2020 Current Trends in Mine Finance
Session co-chair with Roussos Dimitrakopoulos from McGill University discussing the economic benefits of new technology and artificial intelligence. Additional event information is available at:https://community.smenet.org/currenttrendsinminingfinance/program/program56?ssopc=1
Read MoreCIM 2020 AGM
Volatility in commodity prices and financial markets compounded by technical uncertainty make it difficult for professionals in the natural resource industries to assess the risk exposures and factors influencing their Strategic Capital Management (“SCM”) decisions. Integrated Valuation and Risk Modelling (“IVRM”) methods are a toolkit comprising advanced finance theory, risk management concepts, decision analytics, statistical analysis…
Read MoreCIM 2020 AGM
A presentation discussing the value creation mechanism underlying the exploration and engineering study sequence and the risk profile of pre-development projects. Additional event information is available at: https://www.xcdsystem.com/cim/program/zAGva1z/index.cfm?pgid=1568
Read MoreSME 2019 Current Trends in Mine Finance
A session discussing the wide range of country risks and their impact on international mining investment. Panel participants included executives from Agnico Eagle, Control Risks, Triple Flag Mining Finance, and White & Case.
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