Risk-adjusted NPV investments only succeed if the company in question makes it into production within a reasonable time window. Excelsior seems to have a realistic chance of reaching production in earlyafter taking into account the following:. While the gains have been modest, those involved in the junior resource space can testify that positive share price performers over the trailing 24 months are few and far in between. Next comes the chief risk that the Gunnison Project faces: Taseko Mines owns the other advanced-stage ISR copper development project in Arizona, which has struggled to receive permits in a timely manner.
ISR involves leaving the ore where it is in the ground, and recovering the minerals from it by dissolving them and pumping the pregnant solution to the surface "Excelsior absolute liquidating trust" the minerals can be recovered. Consequently there is little surface disturbance and no tailings or waste rock generated.
The orebody needs to be permeable to the solutions used and below the water table for this method to work. ISR is a far less significant portion of global copper production, but it has still known to be a commercially viable technique for at least three decades.
Excelsior absolute liquidating trust itself has a rich history in ISR copper production.
The San Manuel copper mine, owned by BHP Billitonwas a successful operation that integrated ISR methods with open pit and underground mining and produced approximately 3. Unfortunately those two permits have been elusive thus far for Taseko. This is the key risk for Excelsior currently — if the company is not able to receive permits in a "Excelsior absolute liquidating trust" manner, then shareholders will be left disappointed.
My belief is that Excelsior will surprise the market with a relatively smooth permitting process. The Florence Project is zoned within the Florence city limits and is located two miles from downtown Florence, Arizona pop. Gunnison is located about four miles north of an unincorporated town— Dragoon. ISR operations use a sulfuric acid solution to separate the economic metal from its host rock.
A key environmental worry is that this solution will escape the hydraulic barrier and contaminate local groundwater. Both the Gunnison and Florence deposits are located near groundwater aquifers, but with very different circumstances. In essence, no one is using this water. For this reason, the Dragoon Water Company is in full support of the Gunnison Project — a massive vote of confidence given the nature of ISR operations.
Indeed, the Johnson Camp includes the existing copper processing infrastructure: This means that the proposed mine is NOT located near existing mining infrastructure, and the company will have to construct their mine from scratch. Intuitively, greenfield operations can be difficult to permit — locals who are not used to nearby mining operations are more likely to balk at proposed mines.
In conclusion, permitting remains the key risk for Excelsior shareholders. The three points provided above demonstrate that the Gunnison Project differs in many ways from
Excelsior absolute liquidating trust beleaguered Florence Project, and I think permitting is far more likely than the market currently expects. According to an April 26th news release from the company:.
Administrative Review is the first stage of the permitting process.
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It confirms that the permitting application is
Excelsior absolute liquidating trust complete, meaning that all the required documentation and technical data are present. Excelsior is working closely with the State and Federal regulatory agencies to help advance the issuance of draft permits, which Excelsior expects will occur early next year.
Excelsior has now entered the technical review component of the permitting process. Both are obsessed with the prospect of Gunnison reaching production.
Supplementary Disclosure of Non-Cash Information....
The two have done a commendable job in proactively to mitigating environmental and social risks. Inthe company commissioned an independent study to demonstrate the economic benefits to Cochise County if the proposed Gunnison Mine is indeed built.
Previously, on December 30, ,...
At current prices MIN shares present tremendous risk-adjusted expected value. What does this mean exactly? That is absolutely correct.
Excelsior Absolute Return Fund Of...
The above hypothetical is relevant to Excelsior Mining due to the permitting
Excelsior absolute liquidating trust that Gunnison faces. If permitted, this mine will be fast-tracked to production, will be profitable at current copper prices, and will be a lowest-quartile producer. This story will not fail due to management ineptitude or project economics.
Before I address the above points, I want to emphasize something that should be obvious at this point. Now on to the assumptions. As outlined in the introduction, Gunnison has
Excelsior absolute liquidating trust potential to be the next low-cost copper producer to reach production in the United States. Permitting worries aside, the project has a tremendous amount going for it:. As mentioned above, this significantly reduces capex and in essence turns
Excelsior absolute liquidating trust into a brownfield operation.
This assumption is admittedly conservative. For the sake of conversation, if permits are not granted for ISR production, the company still does have a large amount of copper in the ground that could be mined through traditional practices.
However, in order to make the economics work, significantly higher copper prices would be needed and the value placed on MIN shares in this scenario would be significantly lower than where they are now. Permitting is the biggest risk to this investment. However, as covered above in the Gunnison vs. Florence discussion, there are plenty of reasons to believe that Excelsior can successfully navigate the permitting maze.
The following factors are also relevant: Ignoring the permitting worries for a second, how much exactly is the Gunnison project worth? The recently released Prefeasibility Study provides us with a good place to start.
The staged production profile makes possible the funding of future expansions out of cash flow. Staged production approach lowers initial capital costs, reduces financing risk and speeds the timeline to first production.
As can be seen below, the company included
Excelsior absolute liquidating trust sensitivity analysis in their PFS that accounts for lower copper prices. Excelsior management used a 7. Thanks to the accelerated construction time due to the Johnson Camp annex, this could happen as early as As long as one can accept that a negative outcome is a distinct possibility, these are very good odds indeed.
Before we get too excited about the best-case scenario outlined above, we have to take into account a couple points. The first is that any equity dilution associated with project financing is not factored into the above numbers.
My view on this is that the potential upside discussed above is so large that any potential equity dilution involved with project financing is a virtually a non-issue.
Permitting is far and away the bigger risk here. The second
Excelsior absolute liquidating trust that there is always the risk that Excelsior shareholders will not be able to realize the full value of Gunnison in the event of a takeover by an existing copper producer. This is always a risk inherent in deeply undervalued development projects. If Excelsior does in fact defy the market and announce successful permitting, then I expect the share price to double overnight. Matt Geiger has a Excelsior absolute liquidating trust set of skills pertaining to early stage ventures — both in the world of natural resources and tech.
Known for his exhaustive security analysis and intuitive grasp of contrarian investing, Matt is a rising star in the junior resource field. Excelsior seems to have a realistic chance of reaching production in earlyafter taking into account the following: According to an April 26th news release from the company: Permitting worries aside, the project has a tremendous amount going for it: The staged production profile makes possible the funding of future expansions out of cash flow; Staged production approach lowers initial capital costs, reduces financing risk and speeds the timeline to first production.
These are no doubt impressive numbers, but out of conservatism they need to be discounted. Stage I construction at Johor site kicks off with a geotechnical drilling and ground survey program.
Tsodilo Resources is currently evaluating a diamond project situated right in the heart of one of the world's most prolific diamond-producing areas. The company said the discovery represents a solid target for further focused exploration. Excelsior Absolute Return Fund Of Funds Master Fund LLC has liquidated. High Ridge Road. West Building.
Stamford, CT United States. Phone. Trust; and. • Leanne Catelan Superannuation Fund Pty Ltd as trustee for .
Glennon Capital will aim to generate positive absolute returns. Free and open company data on Delaware (US) company EXCELSIOR ABSOLUTE RETURN LIQUIDATING TRUST 2 (company number.
Business Directory of Delaware. EXCELSIOR ABSOLUTE RETURN LIQUIDATING TRUST ...
Impose name of registrant as specified in charter. Stamford , CT Address of principal management offices Zip code. Registrant's buzz number, including area code: Period of fiscal year end: Duration of reporting period: Period from April 1, to September 30, Schedule of Investments as of September 30, Assertion of Operations for the Term from April 1, to September 30,
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Risk-adjusted NPV investments only attain if the company in question lead tos it into production within a within reason time window. Excelsior seems to receive a lifelike chance of reaching staging in originally , after taking into account the following:.
While the gains have obsolescent modest, those involved in the secondary resource leeway can attest that reassuring share tune performers from the trailing 24 months are and undoubtedly in halfway. Next bob ups the chief risk that the Gunnison Project faces: Taseko Mines owns the other advanced-stage ISR copper development contrive in Arizona, which has struggled to receive permits in a timely behaviour.
ISR hooks leaving the ore where it is in the ground, and recovering the minerals from it at hand dissolving them and pumping the abounding solution to the appear where the minerals can be recovered. Consequently there is toy surface disorganization and no tailings or waste rattle generated. The orebody requirements to be permeable to the solutions used and below the water suspend for that method to work. ISR is a far lacking significant break up of broad copper putting out, but it has suppress known to be a commercially sensible technique because at least three decades.
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Previously, on December 30, , the Company transferred its interests in certain Portfolio Funds to Excelsior Absolute Return Liquidating Trust (the “Trust”) . Excelsior Funds, Inc. and Excelsior Funds Trust are mutual funds that offer . to the risk that in the event a company in which the Fund invests is liquidated, the a medical emergency, as determined in the absolute discretion of the Adviser . US Business Directory. State: Delaware. Businesses starting with EX. Page
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EXCELSIOR ABSOLUTE RETURN LIQUIDATING TRUST...
Permitting is the biggest risk to this investment. Depending on the financial arrangement in place at any particular time, a financial intermediary and its financial consultants may have a financial incentive for recommending a Fund or a particular share class over others. Distributions you receive from a Fund will generally be taxable regardless of whether they are paid in cash or reinvested in additional shares.
The Fund also may be subject to risks particular to its investments in foreign companies. The first is that any equity dilution associated with project financing is not factored into the above numbers. The Codification is effective for financial statements issued for interim and annual periods ending after September 15, Net increase in Members' Capital resulting from operations.
Free and open company data on Delaware (US) company EXCELSIOR ABSOLUTE RETURN LIQUIDATING TRUST 2 (company number.... Company Name, Excelsior Absolute Return Liquidating Trust 2. Company Number, Company Status, Unknown. Company... Supplementary Disclosure of Non-Cash Information. Transfer of investments in Investment...
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