CIM MES Discussion Group Seminar

"Trends in Mining Equity Valuations"

Mining equity valuations vary widely over time and are driven by multiple factors including economic cycles, commodity price movements, operating and financial performance, risks and investor sentiment. Valuation metrics such as EBITDA, earnings and cash flow per share, and net present value, are typically used across the subsectors of the mining industry, capturing short-term and/or long-term financial performance. The magnitude of the metrics and the multiples at which the equities trade speak volumes about industry developments, the quality and growth prospects of the companies in the sector, and the degree of confidence that investors have in the outlook. We will take a look at how and why mining equity valuations change over time for precious and base metals and uranium.

About the Speakers

Robert Cohen, BASc., MBA, CFA, is a Vice President and Portfolio Manager at Dynamic Funds. He specializes in the mining industry and is head of the Dynamic Metals & Mining team. He manages concentrated precious metals and resource portfolios, leveraging his background on both the operational and investment side of the business. Robert joined Dynamic in 1998, and previously worked as a mineral process engineer at Canadian, Chilean and Australian copper and gold mines. He has a degree in Mining and Mineral Process Engineering (1992) and a Masters of Business Administration (1998) from the University of British Columbia, and obtained his Chartered Financial Analyst designation in 2003.

Greg Barnes, BSc, MBA, joined TD Securities in 2005 as the firm’s base metals analyst. He currently covers the Canadian large capitalization base metal and gold mining companies and has been an equity analyst for 29 years. He was previously a mining analyst for several Canadian independent brokerage firms and has a strong background in industry, having worked at Kennecott Canada – a subsidiary of Rio Tinto, Falconbridge Ltd and an engineering consultancy firm. He has been ranked as an All Star Analyst by Brendan Wood International for the past 18 years. Greg has a Bachelor of Science degree in geology from Queen’s University (1986) and a Master of Business Administration from York University (1990).

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MES of CIM (Canadian Institute of Mining, Metallurgy, and Petroleum) (CIM MES: https://www.cimmes.org/) serves members involved in the economics and management of mining and all aspects of the management of companies active in the mining and petroleum sectors. MES has an educational mission, and to achieve this, MES hosts events that provide a forum for industry professionals to share experiences, insights, and ideas on topics relating to the economic, management, and financial aspects of the mining and energy business.