Deep Deep Values

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#1 Thu, Aug 25, 2011 - 11:11am
metcoalfan
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Jacksonville, FL
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Deep Deep Values

I've been working on a list of debt free companies with cash and marketable securities that far exceed their market caps (some with mining properties thrown in for free), Ben Graham style deep values in the resource space, with a focus on gold . Most of these will need a trigger to unlock value, and its not always best to jump in without a trigger on the horizon. But, I wanted to start a public list for collecting more prospects and keeping track of them. Comments or suggestions?

New Guinnea Gold

Corona Gold

Gobimin

NWT Uranium

CoalCorp

Aberdeen International

Pinetree Capital

Edited by: metcoalfan on Nov 8, 2014 - 5:20am
Thu, Aug 25, 2011 - 11:19am
metcoalfan
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Jacksonville, FL
Joined: Jul 18, 2011
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1982

Corona Gold Breakdown

Thu, Aug 25, 2011 - 11:22am
metcoalfan
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Jacksonville, FL
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New Guinea Gold Breakdown (prices per share are dated)

Thu, Aug 25, 2011 - 11:26am
metcoalfan
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Jacksonville, FL
Joined: Jul 18, 2011
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1982

Aberdeen and Pinetree breakdown

Pinetree provides it full NAV on a monthly basis, as of 7/31 it was 3.76 and Pinetree trades around 1.66

Aberdeen is trickier, they only report quarterly, and some quarters they only count their portfolio holdings, and exclude the value of their gold royalties, other qtrs they include it, but they have it valued at $800 gold. Like Pinetree it trades pretty close to 50% of NAV. Holdings can be viewed at Sedar in the quarterly MD&As.

Thu, Aug 25, 2011 - 11:37am
metcoalfan
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Jacksonville, FL
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1982

CoalCorp breakdown

https://www.coalcorp.ca/common/uploads/Coalcorp-03-31-2011-FINAL.pdf

Note the cash + Gold Hawk combo (now V.OMN). Lot of NOLs to boot, and no more coal.

Thu, Aug 25, 2011 - 11:45am
metcoalfan
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Jacksonville, FL
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Gobimin breakdown

https://www.sedar.com/CheckCode.do;jsessionid=0000TeaaULV-A4jiVYaUfXxpUYi:-1

June '11 Qtrly, note most of the accrued payables are contingent. Need to check on status of license. More of an unlisted asset portfolio, for better or worse (though they've been booking nice gains on recent dispositions)

Sun, Nov 6, 2011 - 3:17pm
unclescrooge
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Intriguing List

Thanks for this Metcoalfan... I actually own 2 of these on your list (Corona & Aberdeen) and have been an interested follower of 2 others (New Guinea & Gobimin). Seems like New Guinea had some merger news last week that has triggered the unlocking of some value as per your above comments.

Even though I'm currently down 10% on Corona and 20% on Aberdeen, it's very easy to be patient with both of them knowing that they're significantly undervalued vs. their holdings. Also, Aberdeen now pays a decent bi-annual dividend.

For me, Corona has a greater risk/reward potential since it is primarily made up of 3 quality junior gold holdings (Sabina Gold, Treasury Metals & Ryan Gold) plus cash (loans receivable) and some land holdings "rented" to and being worked by Harte Gold. Legendary Canadian investor Ned Goodman is also involved as a director of Corona. He also happens to be a trained geologist. For anyone considering buying into Corona, you must be patient and put in limit orders as it is very illiquid. I've noticed that it seems to most closely track Sabina Gold as far as price... so if you see Sabina rising or falling, you can be fairly sure that Corona will follow.

Lastly, a company that could potentially be added to your list is Phoscan (FOS-TSX). I don't own it but for several years I've heard multiple times that it is trading significantly below cash value (management sitting on a cash hoard seemingly doing nothing at all). Seems like investors are getting frustrated which might be a contrarian signal. BTW -- I don't own this one.

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