Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944


A. RACZ: Callinan Mines, Ltd., is an unknown name in the mining industry. Callinan is better capitalized at the moment than most of the banks in California.How did the whole structure come about and please explain where we are at the moment?

B. MCKEE: We have no debt.

A. RACZ: How did this happen that a company with $150 million market value, $40 million cash today and a steady $20 million annual royalty income.

B. MCKEE: We own a royalty, of course, in the “Triple Seven Mine,” which is a mine that produces copper, gold, silver and zinc. The operator of the mine is HudBay Minerals. The company has owned the royalty for quite some time and started receiving payments in 2007. The mine produces a royalty somewhere in the order of $15-20 million a year depending on the metal prices. Actually, the
metal prices are trending upward.

A. RACZ: So, in other words, the first interesting point is that you have royalty  payment coming to Callinan. $15-20 million which depends on commodity prices,  and this is for a company whose total market cap at the moment is $150 million.
The royalty payment is likely to expand.

B. MCKEE: Yes.

A. RACZ: Who is paying you the money?

B. MCKEE: Who is paying us the money. HudBay Minerals, like I said, is the  operator of the mine and they pay the royalty.

A. RACZ: And this is for 10 years maybe for 20 years. What is the arrangement?

B. MCKEE: There’s no limit on it. I mean, it’s for the life of the mine. You know, currently the mine is expected to produce until 2019, but fortunately, Callinan owns a piece of ground called the War Baby, which is right next door to the Hudbay  Minerals and likely is the host of an extension to that mine. So the new reserves in  the mine are until 2019, but there is the possibility for an extension of their reserves and that extension could be incredibly lucrative to the company.

A. RACZ: Now this would be a minimum of 10 years. Because commodity prices are going  up, you can expect an inflow of $200 million, or even $250 million.

B. MCKEE: Well, I mean, that’s your projection, but indeed, you know, you never know what commodity prices are going to do, but certainly they are looking like they are going in the right  direction and if they keep going in the right direction, then it’s going to be good for Callinan.

A. RACZ: Can this money be expanded? Can there be some corporate steps that instead of ten, you get royalty money for 20 years?

B. MCKEE: Well, it all depends on the production coming out of the mine. I mean, if there’s more…like I said in order to extend that mine, they are going to need further drilling. We own 100% . Our profit interest  in the mine becomes a much larger interest if and when we are able to come to an agreement on the  property extension of that mine.

A. RACZ: In other words, you can expand the mine and then the number of  $20 million yearly royalty can expand and the life expectation can also expend.

B. MCKEE: Yes.

A. RACZ: In other words, the company could afford to pay at least a 5% cash dividend if you want to every year.

B. MCKEE: Well, at present we are evaluating paying a dividend. The coming spinoff of the company’s exploration properties, which is something that we are going to be doing in June here, could be viewed as a dividend. So we’re giving a very valuable exploration portfolio to the shareholders in the form of a dividend. After that it’s likely that the royalty company that will be left over will pay dividends, but I don’t want to comment on what they will be or how much they will be. 




Price Range 52 Weeks


Shares Outstanding


Market Cap.

$151.5 Million

Long Term Debt




Effective 7, 2011

Callinan proposed to become a Royalty Company and create a New Exploration

A. RACZ: You are trying to break the company into two parts.

B. MCKEE: Yes.

A. RACZ: Royalty company is generating cash. A typical royalty company is a cash-oriented growth company. Obviously, everybody knows that today.

Callinan Mines Limited (TSXV:CAA.V) (Other OTC: CCNMF.PK) has set the date for the special meeting (the “Meeting”) of Callinan shareholders to consider the spin-out previously announced on October 25, 2010. The Board has set June 7, 2011 as the date for the Meeting.

Following the implementation of the Transaction, which will be accomplished through a plan of arranging in two corporations, existing Callinan and Newco.

The implantation of the Transaction is subject to, among other things, further Board and shareholder terms and the arrangement agreement to be entered into with Newco. The Transaction is also subject to approvals, including TXS Venture Exchange (“Exchange”) acceptance of the Transaction and the _________ on the Exchange and conditional listing approval of Newco shares. No application for listing has been ______. Approval will be granted.

Callinan Mines has received an interim payment of $5,071,197 of royalties for quarter ended March 31, 2011.

Callinan, upon becoming the royalty company, will hold a 6 2/3% Net Profits Interest royalty and a $0.25 per ton royalty (together the “Royalties”) in the 777 Mine at Flin Flon, Manitoba, Canada, which produces copper, gold, zinc and silver and is operated by HudBay Minerals, Inc. Callinan will also hold the War Baby mineral property, which covers an area down-trend from the 777 Mine.

The new exploration company will hold Callinan’s exploration assets in Canada, including its interests in the Coles Creek polymetallic project in British Columbia, its base metal projects in Manitoba, and its Fox River nickel project in Manitoba.

Mike Muzylowski, Chief Executive Officer of Callinan, will be the President and CEO of the exploration company. He stated, “We see this proposal as an excellent opportunity to enhance shareholder value and to give our shareholders the best of both words: a well funded royalty company led by an experienced and well regarded executive, and the potential upside of exploration success under the direction of our proven and successful team of explorers.”

Roland Butler, commenting on the proposal stated, “I welcome the opportunity to become a shareholder of Callinan as we launch a new royalty company engaging in early stage royalty creation through prospect generation and financing complemented by selective royalty acquisitions. I hope our company will build a reputation for high free crash flow, high return on invested capital and dividends to our shareholders.” 


Callinan will focus on early stage royalty creation or acquisition of smaller but high margin royalties with growth potential

Advantages of Royalty Creation

  • No operating or maintenance costs or liabilities
  • Less competition and better value at early stages
  • Royalty creation through financing, investments and prospect generation can be achieved at low cost or even negative cost 


The mineral royalty landscape is dominated by two large, mature and successful royalty companies:


B. MCKEE: This is not a question. I don’t know what’s going to happen to $10 million. I hope that it’s going to, I hope that it’s going to pay dividends for us. Indeed, we have some good financial managers that are capable of creating that kind of return, but I mean, I hesitate to make any projections because nobody knows what’s going to happen.

A. RACZ: Okay, so in other words, you are sitting in an office at this moment in Vancouver.

B. MCKEE: Yes.

A. RACZ: Which in July and August or September will have a royalty company which we can compare in evaluation like what is it, Royal Gold and the one in Toronto, which are very highly regarded and wanted in the investment business.

B. MCKEE: Well, our goal of course is to become a company like Royal Gold or Franco-Nevada, and we think that we have the building blocks to be able to achieve that.

A. RACZ: You list this company in the Toronto Exchange?

B. MCKEE: We plan to list the royalty company on the Toronto Exchange, yes.

A. RACZ: Let’s go to the second part, what you call the exploration company, this is benefitting partially from the cash flow you are getting, and you are trying to find copper and nickel like diamond fields 16 years ago. It’s an exploration company.

B. MCKEE: That’s right.

A. RACZ: If the exploration company is successful let’s say in zinc in certain parts of the world, which we don’t know, that’s separately or part of the exploration company.

B. MCKEE: Well no. I mean, the exploration company will be a public company just like any other company, and it will be owned by the shareholders. It will be liquid and that company will engage in the exploration of various properties that have been accumulated over the years and we hope to find valuable mineral deposits on those properties.

A. RACZ: You have a good start, I mean, a professional start. You have cash flow and your exploration companies, in general ,are booming because of the commodity prices, so we can assume that your exploration company will have a great performance or a good performance based on general parameters, correct?

B. MCKEE: You could assume whatever you like. I think we have a good market here for exploration. I think that our properties are as good as anyone else’s, and I think that we’ve got the technical teams to be able to make those properties valuable properties if in fact the minerals end up being there.

A. RACZ: That exploration company can be very valuable because as you just said, you have a start, you have money, you have attention, you have a reputation. In other words, it has a perfectly normal sound future.

B. MCKEE: Yes.

A. RACZ: Have you ever made, and you don’t have to answer, have you ever made some assumption what would be the total value initially of this exploration company?

B. MCKEE: It’s really hard to say, Andrew. I think we’re all going to find out on June 8 when it starts trading.

A. RACZ: I cannot make any guesses.

B. MCKEE: If you read our proforma financials, there are proforma financials and according to these proforma financials, let’s see here, the company is going to have a good $31 million in assets.

A. RACZ: So $31 million out of the $150, it’s down to $120 million so it depends on how you value the royalty company, probably much more than $120. The company value could be more than $150 million, correct?

B. MCKEE: Yes.

A. RACZ: The exploration company can raise money separately, can do public offering, can have partners, all the normal possibilities.

B. MCKEE Yeah.

A. RACZ: Obviously at this stage, you work under legalities, but two, three, four months later that can be corporate developments and your exploration company. What would be the name of the two companies?

B. MCKEE: The one company would be Callinan Royalties and the other company would be called Newco.


  • $40 million in cash

  • No debt

  • Quarterly revenue - $5M

  • 45 million shares outstanding

  • High potential exploration

  • Large Canadian land position




Strong Cash Balance

Strong Cash Balance

High Yield Royalty Portfolio

Hall of Fame Caliber Technical Team

Quarterly Revenue & Free Cash Flow

 High Potential 100% owned base and precious metal properties



A. RACZ: You have been and it’s not an insult a totally unknown company. What would change in your opinion in two months?

B. MCKEE: Well, I think that part of the reason that we didn’t have a large following was because the company as it was presently structured was a company that was two different things. You know, you had the royalty component and an exploration component and usually those things don’t really go together, and usually the exploration component is something that value investors aren’t all that interested in . As we move forward here, I think that once the risk has been bifurcated from the company and the royalty company is a straight royalty company, we’re going to have a far better following.

A. RACZ: Royalty companies are favored by the market.

B. MCKEE: Likely, you know, you get better, you tend to get better valuations in the royalty.

A. RACZ: The valuation of the two companies will be greater than the current company and if the monetary conditions are such, the royalty company will be valued higher every month and that valuation would influence your exploration in positively .

B. MCKEE: That’s the idea.


Cash on hand at March 31, 2011 was $29,072,414, which is $15,589,225 higher than last year. Funds on hand are invested in short-term securities to generate interest revenue.

Net income for the period ending March 31, 2011 net of income tax expense is $16,226,453 compared to $10,457,482 for the same period in 2010. Income per share at $0.35 for basic and fully diluted is higher than the same period last year.

Income Statement Data

March 31, 2011 ($)

March 31, 2010 ($)

Fiscal 2010

Revenues (interest & other income)




Income (loss) before discontinued 
operations taxes and extraordinary items




Income tax expense




Future income tax recovery (expense)




Net income net of taxes for the period




Income (loss) per common share outstanding












Balance Sheet Data




Total assets




Total long-term financial liabilities













 Factors That Affect the Comparability of the Financial Data Disclosed Above

The following table sets forth selected quarterly financial information at the end of the periods shown below. The financial information is derived from the financial statements of the Company, which are prepared in accordance with generally accepted accounting principles and are in Canadian dollars.

Total Revenues for June 30, 2009 includes $3,600,362 representing the 25% balance of calendar 2008 payments received from HudBay in July and $937,015 accrued for the remaining 25% payment for the first six months of calendar 2009. All other quarters except September includes an accrual for the remaining 25% net interest profits held back by HudBay as per the agreement, and paid to the Company 130 business days after the end of the calendar year. September 2009 accrual was done in December 2009. March 31, 2011 revenue includes an additional $6,264,000 due to an error in calculation discovered by Hudbay.


Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.



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Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail:

Copyright © 2011 Andrew Racz. All Rights Reserved.