Total Equity is defined as total assets minus total liabilities. It is the amount of capital that a business can expect to have remaining after it liquidates all its assets and pays back its liabilities. Unfortunately, market asset values (the real value someone would pay for your assets) is not always equal to the book value of assets (the asset amount written on the company’s financial statements). This discrepancy often leads to write downs of assets, therefore negatively affecting the equity portion of a business. In the junior mining space, this may well happen due to write downs of failed exploration assets, lower real values of unmined ore (due to reduced commodity prices), and other factors. This balance sheet adjustment often gets reported after the fact, causing much concern for investors. For this reason most junior miners often trade at a discount to its book value (total equity), including the companies on our list today.
RTG Mining Inc. (TSX: RTG) – $0.70
Gold
RTG Mining Inc. is a mining exploration company focused on developing gold opportunities. The Company through Segilola Gold Limited has a joint venture with Tropical Mines Limited, where the Company is acquiring a 51% interest in the Segilola Gold Project in Nigeria.
- Market Cap: $93,851,156
- P/BV: 0.81x
- Increase in Total Equity: 584.2%
- Total Equity (LFY): $106,010,126
Asanko Gold Inc. (TSX: AKG) – $2.36
Gold
Asanko Gold Inc. (Asanko) is a Canada-based exploration and development stage company. Its primary asset is the Asanko Gold Mine Project located on the Asankrangwa gold belt in Ghana. In addition to its principal project, the Company holds a portfolio of other Ghanaian gold concessions in various stages of exploration. The Asanko Gold Mine Project is located in the Amansie West district of the Ashanti region of Ghana, approximately 250 kilometer northwest of the capital Accra, and about 50 to 80 kilometer southwest of the regional capital of Kumasi.
- Market Cap: $473,764,836
- P/BV: 0.97x
- Increase in Total Equity: 83.6%
- Total Equity (LFY): $445,642,152
Almonty Industries Inc. (TSXV: AII) – $0.78
Specialty Mining & Metals
Almonty Industries Inc. is engaged in the production of tungsten concentrate and the advancement of exploration and development activities at the Los Santos Project, a tungsten mine located approximately 50 kilometers from Salamanca, in western Spain. The Panasqueira Mine is located in Panasqueira, Portugal. The Valtreixal project is located in northwestern Spain. The Company also operates the Wolfram Camp Mine.
- Market Cap: $38,844,379
- P/BV: 0.83x
- Increase in Total Equity: 72.5%
- Total Equity (LFY): $47,096,000
Atlantic Gold Corp. (TSXV: AGB) – $0.26
Gold
Atlantic Gold Corporation, formerly Spur Ventures Inc., is a Canada-based company focused on advancing the development of its Nova Scotia properties, as well as continuing to review potential acquisitions and investment opportunities. The Company’s properties include the Touquoy Gold Project located at the former village of Moose River Gold Mines, Beaver Dam Property located in Halifax County, Nova Scotia, Cochrane Hill Gold Project located south of the town of Antigonish and the Fifteen Mile Stream property located in eastern Halifax County, Nova Scotia.
- Market Cap: $29,485,939
- P/BV: 0.66x
- Increase in Total Equity: 52.9%
- Total Equity (LFY): $44,473,710
HudBay Minerals Inc. (TSX: HBM) – $9.76
Diversified Mining
HudBay Minerals Inc. (Hudbay) is a Canada-based mining company engaged in the production of copper concentrate, which includes copper, gold and silver, and zinc metal. Hudbay owns copper/zinc/gold mines, ore concentrators and a zinc production facility in northern Manitoba and Saskatchewan, and copper projects in Cusco (Peru) and Arizona (United States) through its subsidiaries. The Company owns the 777 mine, as well as an ore concentrator and zinc production facilities in Flin Flon, and a 70% interest in the Reed copper project.
- Market Cap: $2,366,179,336
- P/BV: 0.97x
- Increase in Total Equity: 49.6%
- Total Equity (LFY): $2,446,720,000
