BERAL, INC.
Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944
E-mail: mlikar@aol.com

The Fundamentals of Chesapeake Gold Corporation

The Holding Company

April 16,2012

Chesapeake is an exploration and development of precious metals company operating in North America. Its major project is 100% owned by Metates Gold Deposit which is located in Durango State in Mexico where one of the world’s largest undeveloped Gold and Silver projects is situated.

Independent experts ascertained with NI-43-101 measured and indicated resource estimates of 19 million ounces of gold, 519 million ounces of silver. The Metates project alone contains 27.9 million ounces of gold in measured and indicated material along with 1.42 million ounces in inferred categories.

Chesapeake Gold has rich gold mining assets. Apart from the asset base it is a well organized company with good government relationships and solid cash position.

World Class Resource

  • >19 million ozs gold ( M&I)
  • >518 million ozs silver ( M&I)
  • 43-101 Compliant Resource
  • Exploration upside potential

Safe Jurisdiction

  • Durange state, Mexico
  • Solid relationship with communities and government

Strong Management Team

  • Excellent cash position to complete feasibility.

The recent events are:

  1. On March 6, 2012 Chesapeake updates status of the previous ability of Metates,
  2. February 26, 2012 Chesapeake raises 350.2 million warrants exercised;
  3. February 16, 2012 Chesapeake Board announces new resource estimates for Metates.

Stock Information

December, 2011

Shares Iissued and Outstanding 44,216,366
Options 4,232,000
Shares Fully Diluted 48,448,366
   

Top Institutional Shareholders

  • Oppenheimer Funds Inc.
  • Sprott Asset Management
  • U.S. Global Investors Inc.
  • Pate Capital Partners

Share Capitalization as of December 31,2011

Shares Issued and Outstanding

Options 2,292,000@ $3.30 ( Expiry 2/11/14 )
  860,000@ $9.10 (Expiry 5/11/15)
  1,080,000@ $10.75 ( Expiry 2/15/17)
Trading History  
Year High
2011 $18.80
2010 $12.61
2009 $8.35
2008 $8.25
2007 $8.38
2006 $6.45
2005 $7.85
2004 $5.80
   
Capital Structure
   
TSX Venture symbol CKG
Share price $9.65
Share price ( 52 week range) $18.75-$6.98
Basic shares outstanding 44,476,366
Fully diluted shares outstanding 48,476,366
Market capitalization ( basic) $427 million
Outstanding debt $3.5 million
   
Major Shareholders  
%of shares outstanding
Insiders 17%
Goldcorp Inc. 9%
Sprott Management 4%
Oppenheimer Funds 3%
U.S. Global 2%
Pate Capital 2%

 The Theoretical Buying Power of Chesapeake can be Calculated as follows:

We have to assume the share prices at approximately $10 a share. Fully diluted shares are 48 million which is the equivalent to $480 million. The basic shares are 44 million so for practical purposes the company has a market cap of $440 million.

Adding to that marketable security of 48.2 million against outstanding debt of $3.5 million.

The issue of the future of Chesapeake is of course mainly external growth and upgrading its existing metal portfolio.

In the first half of 2012, the following features can be ascertained: (1) the price of the stock is low; $10 is substantially below the $18.75. (2) The price of gold is high and despite being high, it has not induced the higher gold price and a higher buying power than the existing $440 million. (3) Internal cash of $44 million is small. The company
cannot buy other resources except under unusual circumstances. A half billion company has to keep its reserve $50 million.

The company has to resort to external factors to realize growth potential. The growth potential exists because gold mining shares are very high. The ETF of secondary gold’s GDXJ is less than $20 whereas the average price in the last two years was $40.

The larger gold companies where a company would have to buy with stock are not practical. The paths of Goldcolp is not attainable for Chesapeake because the stock prices are not attractive enough to create a purchase.

The company has a subsidiary Gunpoint Exploration Ltd. where it owns approximately 35 million shares out of the fully diluted 45 million. That 35 million represents a value of over $30 million which is meaningful when it comes to the market cap of Chesapeake of $440 million. In other words, if Gunpoint grows substantially the 38 million shares would be worth $50 million and it can be utilized for acquisition purposes.

Furthermore the company can always sell a combination of 1 point and warrants at attractive prices and pick up $50 or even $60 million for acquisition purposes.

The concept of gold backed financing is always a possibility if Chesapeake has gold in the next 2 or 3 years which can be sold on the open market. The gold related bond financing has the advantage that the company would receive cash in advance and pay it back with future gold reserves and some shares and warrants from its inventory.

The larger gold companies where a company would have to buy with stock are not practical. The paths of Goldcolp is not attainable for Chesapeake because the stock prices are not attractive enough to create a purchase.

The company has a subsidiary Gunpoint Exploration Ltd. where it owns approximately 35 million shares out of the fully diluted 45 million. That 35 million represents a value of over $30 million which is meaningful when it comes to the market cap of Chesapeake of $440 million. In other words, if Gunpoint grows substantially the 38 million shares would be worth $50 million and it can be utilized for acquisition purposes.

Furthermore the company can always sell a combination of Gunpoint shares together with warrants in Chesapeake Gold at attractive prices and pick up $50 or even $60 million for acquisition purposes.

The concept of gold backed financing is always a possibility if Chesapeake has gold in the next 2 or 3 years which can be sold on the open market. The gold related bond financing has the advantage that the company would receive cash in advance and pay it back with future gold reserves and some shares and warrants from its inventory.

The issue is very important. This is a time when a major company meaning well over a billion dollars, can be built up utilizing unusual techniques for growth. In this process, Chesapeake may acquire attractive reserves whose leveraged resale can increase the leverage factor of the company. In the following paragraph, we illustrate the idea of gold index bonds.

The company can raise $1,000 MILLION??? immediately and repay by gold at a fixed price at a future date. Such transactions can only be considered if the company has future gold production . If the price of gold goes up substantially in the future the offering can not only be large scale, but can also be extremely successful.

In terms of long term policy all steps should be considered.

  • Off –balance sheet financing.
  • Acquisition of gold rich territory.
  • Continuous financing .
  • Excellent asset management.

Gunpoint Exploration Ltd.

(GUN-V . TSX)
   
Price $0.85
Price Range (52 weeks) Shares Outstanding 42,500,000 (fully diluted)
Market Caps Cash $500,000
   
Stock Ownership
   
Management 4%
Public 13%
Chesapeake Gold Corporation 83% - 33,000,000
   

Gunpoint Exploration Ltd.

Gunpoint Exploration Ltd. is a gold exploration company with operations in Nevada and Mexico. The capital structure shown above does not take into consideration its major stockholder Chesapeake Gold which has almost ten times greater market capitalization. It is important to view the entire picture in order to understand Gunpoint Exploration. The common stock of Gunpoint, selling at 85¢ has a major effect on the future Chesapeake Gold a $300 plus million company.

Gunpoint Exploration at the time of writing has 40 million shares, 42.5 million fully diluted. It has a moderate amount of cash. Of its stockholders, the breakdown is 4% for management, 13% retail and Chesapeake Gold Corporation represents 83%.

If Gunpoint’s gold assets grow, it raises money – the growth of Gunpoint Can accelerate the combined Empire:
   
Chesapeake Gold
   
Price $10
Shares 30M
Market Cap $300M
   
Gunpoint Exploration 33M
  83%
Price 85¢
Shares 42.5M
Market Value $40M

As an emerging gold producer, the company mines in Nevada and Mexico. Its three gold mines in gold are at the exploration stage.

Gunpoint Exploration Snapshot
 
Talapoosa Gold Project (Nevada):
  • NI43-101 Resource. Measured + Indicated = 632K Oz Au, Inferred = 326K ozs Au
  • Drilling to increase Grade and Size of resource
Mexico
  • Cecilia Gold Project, Sonora State
  • La Gitana Gold Project, Oaxaca State
   

The Nevada property represents the most important part for the company. It is located near Reno, Nevada and has obtained a National Instrument 43-101.

National Instrument 43-101 Disclosure

  • In accordance with National Instrument 43-101 (“NI 43-101”) of the Canadian Securities Administrators, the qualified persons for Gunpoint is E.Max Baker, MAusIMM.
  • A probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. A “proven mineral reserve” is the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study.
  • It cannot be assumed that the inferred mineral resources will be upgraded to an indicated mineral resource as a result of continued exploration. Furthermore, it cannot be assured that measured and indicated or inferred mineral resources will be converted to a reserve category at such time as feasibility studies are initiated. 

The more detailed analysis of the future of the Nevada location, the Reno property is in a more advanced stage and is described in the following table.

GUNPOINT 2012 Objectives

  • Plus 7,000M of Resource Upgrade Drilling – 2011 drilling results indicate a likely Au grade increase of 20% to 30%.
  • 3,000M of Drilling to Test the Strike Extensions to Existing Resource – potential to significantly increase the resource size.
  • Metallurgical Characterization of Vein Zones.

The company has prestigious stockholders:

P. Randy Reifel – Chairman
Senior Executive in the exploration business for 30 years and Bachelor of Commerce degree and a Masters of Science in Business Administration. Chairman of Cheasapeake Gold Corp and Director GoldCorp. Formerly President of Carson Gold Corp., Francisco Gold Corp and Glannis Gold Ltd. Associated with discoverer and/or advancement of Kozemeter 88, El Sauzell, Martin and Metates.

E. Max Baker Ph.D. – President / CEO
Geologist with over 35 years exploration in the Americas, Asia, Australia, and Europe. B.Sc.(Hons), Ph.D. Formerly Director of Exploration for Oriel Resources pic., Chief Geologist for Newcrest Mining Ltd., Chief Geologist (South America) for MIM Holdings Ltd. Intimate association during the early-stages of discovery and or development with a number of deposits including: Sappes, Cadia, Gossawong, Cerro Negro, Gineadwang, Didipio, Wau, Radston, Pascua-Lana.

Ian D. Robertson – Director & Legal Council
Mr. Robertson is a founding partner in the Vancouver law firm of Robertson & Company Law Partners LLP. He received his law degree from the University of Manitoba in 1970, and was a senior partner with Lang Michener specializing in mergers, acquisitions, and reorganizations until 1992. In addition to his legal career, Mr. Robertson has served as a senior executive in a number of industries including finance and gas, construction, communications, and technology. He has also been a director of several private and public companies.

There is a timetable for the exploration programs:

2012: Resource Upgrade

  • Plus 7,000m of Resource Upgrade Drilling
  • Testing of Extensions to Resource
  • Metallurgical Characterization
  • Environmental Permitting Continuing

2013: Finalize PEA, Seek Partner/Buyer

  • Finalize Resource early 2013
  • Undertake Preliminary Economic Assessment
  • Seek Partner / Buyer to Further Advance Project
  • Continue Testing Extensions to Resource and Commence
  • Greenfield Exploration

Gunpoint has an extraordinary structure which can actually create surprising advance in its stock price and has the ability to advance in its exploration program.

A Potential “Gold Empire”

The Future in Finance

We have to go back to the original financial structure where Chesapeake owns 83% of Gunpoint Exploration stock. This structure has created a powerful combination of two exploration companies. 

We can state that Gunpoint Exploration is effectively the exploration arm of Chesapeake Gold and can act as a deal flow for Chesapeake.
 

Business Summary

Chesapeake Gold Corp., an exploration stage company, engages in the acquisition, exploration, development, and recovery of precious metals in North America. It primarily explores for gold, silver, and zinc deposits. Its principal property includes a 100% interest in the Metates property consisting of 5 exploration concessions totaling approxi-mately 2,420 hectares in Durango State, Mexico. The company is headquartered in Vancouver, Canada.

CKG has 40M shares. $16M cash. Its stock is selling at $10.

It is what’s called an “institutional favorite”.
 

We have already established that the market cap of Gunpoint Exploration is about $40 million. 83% or more roughly $30 million belongs to Chesapeake. If Gunpoint can finance itself and double its exploration base, if it can buy additional reserves, not only is it likely that the price of Gunpoint would go up, but the 83% ownership for Chesapeake would appreciate correspondingly. 

In other words, we have a structure whereby $40 million; mainly the Gunpoint Exploration capital structure, can go from $40 to $80 million and utilize the increased valuation for additional gold exploration purchases, but at the same time another public company, Chesapeake Gold, which owns $30 million in Gunpoint stock can go up from $30 million to $60 million and strengthen the capital structure of Chesapeake Gold. As a matter of fact, if the value in Gunpoint goes up to $60-$80 million, Chesapeake Gold can sell $10-$15 million worth of stock in Gunpoint Exploration , or -what is more interesting- with a much higher capital structure Chesapeake Gold could provide $50 million financing for exploration or acquisitions.

The picture that I outline is now illustrated in the following table. This number would indicate the power of the double capital structure and imaginative financing and successful performance of Gunpoint Exploration in creating a more powerful Chesapeake Gold.

To put in simplistic language, Chesapeake has $11 price per share and almost 40 million shares outstanding; $400 million. If the price of Gunpoint through its own financing and development can go from 80 cents to $1.60, the 30 million shares that Chesapeake Gold owns would increase by $30 million.

This can convert and increase Chesapeake Gold stock price to $15 per share , representing a value for a market cap of over $600 million.

A $50 million equity financing would not only add to additional cash for Chesapeake Gold , but the power of the double capitalization and different performance ratio would create a company that would be one of Canada’s more powerful companies. This is happening when the traditional gold mining companies have sharply declined in value and there aren’t many companies with dynamic performance capability.

The summary of this long talk and presentation is for Gunpoint Exploration and Chesapeake Gold the opportunity exists today to raise money, increase their market capability and create an almost unique capital structure and growing gold exploration company which would get important attention in gold mining stock analysis in 2012. 

 

 

Disclaimer

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: mlikar@aol.com

Copyright © 2011 Andrew Racz. All Rights Reserved.

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