Mining Company NAV Valuation Model (Multi-Asset Sum-of-Parts DCF)

Financial Model, Mining Industry, Open Pit, Placer Mines, Underground Mines

Cash Flow Analysis, Cash Flow Projections, Consolidation, Cost Calculation, Cost per Ton Analysis, Cost Projections, Dashboard, DCF Model, Discount Rate, Financial Analysis, Financial Feasibility, Financial Model, Financial Modeling, Financial modelling, Financial Projections, Forecast, Forecasting, Free Cash Flows, IRR (Internal Rate of Return), KPIs (Key Performance Indicators), Mine Life, NPV (Net Present Value), Pro-Forma, Profitability Analysis, Project Finance, Revenue Projections, Scenario Analysis, Sensitivity Analysis, Terminal Value, Valuation, WACC (Weighted Average Cost of Capital)

Mining equities trade on NAV. Not earnings multiples, not EV/EBITDA — NAV. Every serious mining analyst values a company by summing its individual mine-level DCFs, adjusting for ownership stakes, and comparing the result to the market cap. This template gives you that exact framework.

Three mine tabs are included, each running a 20-year life-of-mine forecast. The pre-populated example covers a gold mine with silver by-product credits, but the model supports any commodity — gold, silver, copper, zinc, iron ore, lithium, nickel, coal, platinum, palladium, uranium, and more, all selectable via dropdown. Each tab models ore mined, head grade, recovery rate, primary-equivalent production, revenue by metal, AISC per ounce (entered as a base-year figure and escalated at the global cost inflation rate to reflect real-world rising mining costs), sustaining and expansion capital, royalties with a gross/net smelter toggle, corporate tax, and reclamation and closure costs. The output is an after-tax free cash flow stream discounted to a present value at four standard discount rates.

The model handles FX automatically. If a mine’s operating costs are in a different currency from revenue, set the Cost FX Factor on the Assumptions tab and it converts everything consistently. Revenue remains in USD throughout.

The Assumptions tab centralises commodity prices with three configurable scenarios, discount rates, tax and royalty defaults, ownership stakes by mine, terminal value settings, and cost inflation. Change a gold price here and it flows through every mine tab and the consolidated NAV instantly.

The Consolidated tab sums mine-level NPVs (adjusted for attributable ownership), deducts net debt, and produces an equity NAV per share alongside the P/NAV multiple and implied premium or discount to the current share price. It also summarises life-of-mine attributable production by commodity.

The Sensitivity tab is where the model really earns its keep. You get NAV per share sensitivity to gold price (full DCF recalculation, not a shortcut), NAV sensitivity to AISC (as a multiplier on base costs), a two-way table crossing gold price against discount rate, and a scenario calculator that lets you punch in any commodity price and see the resulting mine-level and total NPV — and it works in any spreadsheet app, no Excel DATA TABLE functions required.

The Dashboard provides an executive summary: equity value, NAV per share, P/NAV, implied upside, per-asset NPV breakdown, and current commodity price inputs.

Nine worksheets. 1,350+ formulas. No circular references, no macros. Works in Excel 2016+ and Google Sheets. Built for mining equity analysts, resource-focused fund managers, and investment banking teams who need an auditable NAV model they can adapt to any multi-asset mining company.

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