Price the company
before the mine.

What you put in

Everything starts with the market snapshot: share price, shares outstanding, fully diluted shares, debt, cash and other liabilities. From those the calculator derives market capitalisation and enterprise value, the amount the market implies for the mining business itself once the balance sheet is stripped out.

Next comes the resource inventory. Each line carries a commodity, a category such as proven and probable, measured and indicated, or inferred, tonnes, grade, recovery, payability and your ownership share. Keeping categories separate matters because a tonne of inferred resource has not been shown to be economic and should not be treated like a reserve.

Valuation assumptions are figures you enter or explicitly review before applying. The calculator is not a live market feed, and the bundled samples are illustrative only. Any available dated reference or import is labelled separately; it is not a continuously updated model. If you copy a number from a company filing, you remain responsible for checking it. Read the methodology guide for the full list of inputs and what each one does.

Screening first, project NAV only when you can defend it

The quickest use is screening. Compare enterprise value with annual cash flow or production, then examine resources where you have reliable inputs. The observed EV/cash-flow ratio divides enterprise value by positive modelled annual cash flow. A separate fair-value screen multiplies annual cash flow by the positive valuation multiple you explicitly enter, adjusts for cash, debt and other liabilities, and divides by diluted shares. That chosen multiple is an assumption, not a verified fair price.

The optional build and operate section adds a mine plan: production, costs, capital, tax, closure and discount rate. It produces a net asset value for the project. That number is meaningful only when the plan underneath it is defensible, for example taken from a published feasibility study. Typing in guesses produces a precise looking answer with little behind it.

Cost inputs deserve care. All-in sustaining cost already includes sustaining capital, so adding sustaining capex again double counts it. The guide on what AISC is explains how to avoid that, and the guide to risked NAV shows how probability and risk scores reduce a headline figure.

Scenarios are about uncertainty, not forecasts

Gold membership adds bear, base and bull cases so you can change commodity prices, production and capital and see how the same company behaves. The range shows sensitivity to your assumptions, not the probability of a market outcome. If a stock only looks attractive in the bull case, examine which assumptions explain the difference.

OreScore does not give investment advice and makes no promise about where a share price will go. For a structured way to approach early stage names, start with how to value a junior mining company, and review resources versus reserves before trusting any in-ground figure. In-ground value is a screening metric and is not a feasibility study NAV.