Value a mining company from its filings, and test your assumption in a worksheet.
Type a ticker. The filings become a worksheet you can challenge: every filed figure cited, every assumption yours. Review the sources, change your assumption, and compare scenarios in this research tool.
Try:
For gold and silver investors who value producers and developers themselves. Your first company needs no signup.
The Canadian exchanges list more mining companies than any other market, and most of them reach you through news releases, promotional newsletters and social media. Little of it separates what a company has reported from what it hopes for. A first look should start from the filings: what was disclosed, on which page, and what a valuation built on it shows. Enter a name you've come across, and decide from the facts whether it deserves deeper work.
Read the evidence, alongside your assumption.
Illustrative reading exercise: compare the example figures with an assumption. These checks are not automatic alerts or worksheet updates.
Illustrative example · Northline Gold · NLG.V
New event · reportedChecked againstResult
Q2 production below guidance10.4 vs 12.1 kozmanagement's discussion and analysis (MD&A) Q2 · p.4
4 new facts alongside your assumption.1 needs your review.
Use the cited figures to decide which assumption you want to review.
A research workflow, at your pace.
Review the filings, test your assumption, and return to your saved worksheet when you want to revisit your research.
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01
Investigate
Decide whether a company deserves deeper research. Stage, principal asset, resource basis, cash, burn and capital structure — each with its source and date.
You ask
“Is there enough here to investigate?”
The worksheet returns
Reject it, watch it, or begin deeper research — with the essential facts on one page.
02
Value
Turn the technical and financial disclosure into your own economic view. Replace management's assumptions with yours; run bear, base and bull.
You ask
“What is this worth under assumptions I actually believe?”
The worksheet returns
A source-cited worksheet with visible drivers and your assumption.
03
Update
Reopen your worksheet to review its sources and test a different assumption.
You ask
“Does this news actually change my thesis?”
The worksheet returns
Your saved worksheet and sources, ready for your review.
04
Compare
Evaluate holdings and watchlist candidates on the same gold deck, discount rate and date.
You ask
“How do these worksheets compare under my assumption?”
The worksheet returns
Compare your research across holdings and watched names.
Start where you are.
New to mining analysisHow a mining company is valued
How costs, capital and share count stand between the gold price and the share price, then the same steps on a real company. Free, no signup.
Already analyze mining companiesTake me to the evidence and worksheet.
Open the filings as a cited worksheet. Change an assumption and see the case recompute.
Your assumptions, and what each does to the value.
Market assumptions and company-specific operating assumptions sit side by side. Replace any reported figure with your own; the range recalculates and the reason stays attached.
Model · Northline Gold · NLG.V · filing basis Sep 2, 2026Scenario: your case · 5 overrides
Production schedule · 5-year mine life: the years the filed mine plan supportsexample values · editable in your worksheet
Question you asked: “If production falls 10%, gold falls to $2,100/oz and AISC rises $150/oz, what happens?” → base value/share C$2.04 · bear case falls below the share price
Fifteen cells the engine computed, not a curve drawn between two of them. Your case sits at $2,300 /oz and 10% — C$398.4M.
Value / share vs C$1.42
price
bear C$1.05 −26%base C$2.04 +44%bull C$3.05 +115%
Ranges, not a target. The grid above sweeps price and discount rate only; the bull case is its $2,700 row, while the bear case moves production 10% below the filing plan, moves price to $2,100 and adds $150/oz of cost — which is why it lands below the grid's own $2,100 row rather than on it.
Read from the filings · not editable
Recoverydisclosed · tech report · p.21489.4%read from the technical report; not a model input
Phase 2 first productiondisclosed · tech report · p.19Q3 2027from the technical report; not a model input
Phase 2 capexdisclosed · tech report · p.301C$142Mdevelopment capex; the editable cell is sustaining capex
Shares fully dilutedderived · NR Aug 28 + FS n.9210Mderived from the share register
One current view across everything you follow.
Holdings ask “is this still investable?” Watchlist asks “has this become investable?” Statuses are research states you set — never buy or sell signals.
CompanyStagePriceModeled rangeMargin of safetyNew material information · last reviewedThesis statusNext catalyst
HoldingsIs this still investable?
Northline GoldNLG.V · Gold · Producer
Producer
PriceC$1.42
Modeled rangeC$1.05 – 3.05
Margin of safety30%
New material informationQ2 production 10.4 koz vs 12.1 guide · AISC $1,410 · C$18M bought dealreviewed 2 days ago · 3 new filings
Review required
Next catalystQ3 results · Nov 12
Cerro Plata SilverCPS.V · Silver · Developer
Developer
PriceC$0.68
Modeled rangeC$0.90 – 1.60
Margin of safety24%
New material informationNo material filings since Aug 21reviewed 9 days ago
Thesis intact
Next catalystFeasibility study · Q4 2026
Kettle River CopperKRC.TO · Copper · Developer
Developer
PriceC$3.10
Modeled rangeC$2.40 – 3.60
Margin of safety−12%
New material informationInitial capex revised C$610M → C$720M (+18%) · NR Aug 14reviewed 31 days ago · 1 new filing
Assumption breached
Next catalystFinancing decision · Q4 2026
Borealis MiningBOR.V · Gold · Producer
Producer
PriceC$0.94
Modeled rangeC$1.15 – 1.70
Margin of safety18%
New material informationQ2 in line · net cash C$22M · gold deck effect +6%reviewed 6 days ago
Candidate to add
Next catalystReserve update · Jan 2027
WatchlistHas this become investable?
Altiplano CopperALT.V · Copper · Developer
Developer
PriceC$1.22
Modeled rangeC$1.60 – 2.30
Margin of safety24%
New material informationPEA filed Aug 29 · recovery 89.4% · after-tax NPV₈ US$410Mreviewed 14 days ago · 1 new filing
Candidate to add
Next catalystPermit decision · Q1 2027
Sable Creek GoldSBK.V · Gold · Explorer
Explorer
PriceC$0.36
Modeled rangeno model yet
Margin of safety—
New material informationMaiden resource 1.2 Moz @ 1.4 g/t · NR Sep 1never reviewed
Research required
Next catalystDrill results · ongoing
Tuya SilverTUY.V · Silver · Explorer
Explorer
PriceC$0.51
Modeled rangeC$0.40 – 0.95
Margin of safety—
New material informationC$6M private placement at C$0.45 · NR Aug 20reviewed 40 days ago
Watching
Next catalystPEA · H1 2027
Basis: gold $2,300 · silver $29 · copper $4.40 · WACC 10% · prices as of Sep 5, 2026Statuses set by you · reviewed Sep 5 · example figures
Stage
explorer: searching for or delineating a deposit; developer: has a defined deposit and is studying, permitting or building; producer: mining and selling metal.
Mineral resource
an estimate of mineral in the ground, in tonnes and grade, with reasonable prospects of eventually being mined economically. Unlike a reserve, it hasn't been shown to be economic yet.
Reserve
the part of a measured or indicated resource that at least a pre-feasibility study shows can be mined economically.
AISC (all-in sustaining cost)
the full cost of producing an ounce of gold and keeping current production going: mining, processing and site costs, plus royalties, sustaining capital, and corporate overhead, per ounce sold. It leaves out growth projects, financing costs and income taxes.
MD&A
management's discussion and analysis, filed with each set of financial statements.
Click any figure. See the paragraph it came from.
Every number on a worksheet is either quoted from a filing, with its page, or labelled as an assumption you can change. Pick a figure.
Worksheet · model inputssource
Click a figure to open its source.
p.12
MD&A Q2 2026page 12
¶3
Total cash costs were $1,096 per ounce sold for the quarter, compared with $1,012 in the comparative period. All-in sustaining costs were $1,410 per ounce sold, reflecting higher sustaining capital at the mill and the timing of the tailings lift. Management expects sustaining capital to normalize in the fourth quarter.
MD&A · filed 2026-08-12SEDAR+
Read from the filing
aisc · 1410 · USD / oz · no arithmetic
Calculated from it
margin = 2,300 − 1,410 = $890 / oz
Disagree with the discount rate or the price? Edit the assumption. The engine reruns around your numbers and the citation stays where it was.
SEDAR+liveSEC EDGARliveLME · spot · FXliveLSE / AIMin the pipelineASXin the pipeline
Your judgment stays in the model.
MineInvestorHub does the extraction and recalculation. You decide what the evidence means.
Source-backed
Important inputs link to the underlying filing, page and quote.
MD&A Q2 2026 · p.12Transparent
Calculations and assumptions are visible. Nothing is computed you can't inspect.
(NPV − net obligations) ÷ shares FDEditable
Replace reported or default assumptions with your own, at any cell.
10.0% over 8.0%Traceable
Changes and overrides retain their reasoning and date.
Jun 14 · "single-asset producer, add 200 bp"
The research discipline of an analyst team, built for the individual mining investor.
A chat can answer a mining question. An investment case has to stay right for months. MineInvestorHub keeps the filings, assumptions, calculations and changes together, so you can maintain your view across every company you follow.
The jobOn your own, with a chatIn the worksheet
The filings
Find, download and re-upload every report.
Pulled from SEDAR+ and EDGAR, with a page for every figure.
Prices and FX
Copied into a prompt, with no lasting record of the date.
One dated price and FX set across every worksheet.
Revisiting your research
You have to remember to re-check, then redo the whole answer by hand.
Reopen your saved worksheet to review its sources and change your assumption.
Across your names
Each company becomes a separate, incomparable conversation.
The same method and assumptions across your portfolio.
Research with your assumptions.
Start a worksheet from the filings. Review its sources and change the inputs you want to test.
Free research
Explore the research tool and create your first worksheet.
Subscription
Continue your research with saved worksheets and your own scenarios.
Investing in precious metals since 2009, across two full junior bear markets. MineInvestorHub puts filing-level depth in the first scan, so the deeper work goes only where it is earned.
A miner's value depends on its margin: the gold price minus the cost of each ounce, less the capital it spends and the shares it issues. That can make it more sensitive to gold in both directions, and exposed to things the metal is not.
Can I use this if I am new to resource investing?
Yes. The guided path explains mining terms, why an input matters, how reported facts differ from targets and assumptions, and which questions apply to the company's stage. You get the same source-cited evidence and calculations as an experienced investor, not a simplified score or a stock pick.
Does the AI write my thesis?
No. The model reads across the filings, connects the evidence and explains what changed. The case you build on top, the conditions you set and your conclusion stay yours.
What happens when I enter an explorer?
You get an explorer worksheet: geological and mineral-inventory evidence, project enablers, treasury, runway, and the financing and dilution cases you define. No mine DCF is manufactured when the disclosures cannot support one.
Why is there no cheaper plan?
Every worksheet is built by reading the company's filings page by page, pulled from SEDAR+ and EDGAR, with a model whose cost scales with the pages it reads, plus the price and FX feeds that keep it current. A cheaper plan would have to read less: skip the technical report, or extract only the summary tables. That is exactly where the figure on page 38 gets missed. The price buys the whole document set, read every time, and the market data behind every recompute. Free covers two companies a month at the same depth, so you can judge the depth before you pay for the breadth.
What can I do for free?
Your first worksheet needs no account or credit card. A free account covers a second worksheet in the same calendar month. The worksheet itself is not stripped down.
Start with a company you hold or follow.
See how its filings, assumptions, and valuation connect.
Try:
No signup or credit card for your first worksheet. Create a free account for your second worksheet each month.
No signup or credit card for your first company. Create a free account for your second each month.