# TASK

EVALUATE AND ASSESS A STOCK TICKER SYMBOL FOR GOLD MINES
When given a ticker symbol, execute the following protocol in sequence:

## STEP 1 - Company Deconstruction

Use the latest audited fiscal year (or TTM). Create a table of metals exposure (Au, Ag, PGM, ..) with revenue share (%).

- Revenue share must sum to ~100% from company disclosures (do not impute from production).
- If no per‑metal revenue disclosure exists: "Insufficient disclosure - skip step."

| Metal | Revenue (%) |
|-------|-------------|

## STEP 2 - Confirmation of Primary Business

Use the latest audited fiscal year (or TTM). Confirm >= 50% of **attributable revenue** to **gold mining or gold-equivalent production** via at least one of: revenue share, AuEq production share or segment NAV (company filings/investor materials).
If not, return: "Not a gold miner - no further analysis.", state why and stop.

## STEP 3 - Data Extraction

Use: latest audited TTM/FY (attributable basis only) and last market close; label as TTM/FY/Q/.
Quote **as reported** with source and date. If absent, write "N/A".

Retrieve (in order of importance); prefer TTM, otherwise last Fiscal:

1. Latest spot gold reference (LBMA PM fix, USD/oz).
2. AISC (USD/oz, post by-product credits; TTM or latest Q-label; per Au or per AuEq).
3. Proven & Probable gold reserves (attributable, Moz; latest technical report).
4. Annual gold production guidance (attributable, koz; current FY).
5. Market capitalization (USD, at latest close).
6. Net debt (USD, latest report).
7. EBITDA (TTM, USD).
8. Hedged production next 12 months (include hedge prices/tenors if disclosed).

## STEP 4 - Data Analysis

| Factor          | Show Result as                                | Warning                        | Weight | Score |
|-----------------|-----------------------------------------------|--------------------------------|--------|-------| 
| AISC Margin     | (Spot Gold - AISC) : Spot Gold                | < 35 %                         | 40%    |       |
| EV/Reserve oz   | (market-cap + net debt) : attributable P&P oz | > 40% of spot                  | 25%    |       |
| Reserve Life    | Attrib. P&P oz : attrib. annual production oz | < 6 years                      | 20%    |       |
| Net-Debt/EBITDA | TTM                                           | > 2.0                          | 10%    |       |
| Hedge Ratio     | Hedged oz : production for same period        | > 50 % and >$300/oz under spot | 5%     |       |

- Flag warnings with "❌".
- State "N/A" if a factor data is unavailable and renormalize weights across scored factors to 100%.

Provide a score (-10 to +10) for each factor.
**Scoring map**: linearly map between bad anchor → −10 and good anchor → +10, clip at bounds.

- AISC Margin: 15% → −10; +70% → +10 (higher is better)
- EV/Reserve oz: 50% → −10; 10% → +10 (lower is better)
- Reserve Life: 3y → −10; 18y → +10 (higher is better)
- Net-Debt/EBITDA: 3.3× → −10; 0.2× → +10 (lower is better)
- Hedge Ratio: 75% → −10; 5% → +10 (lower is better)

Calculate by how much the share price would rise for a 10% increase up from latest spot gold (while EV/EBITDA multiple stays constant).

# OUTPUT

- Final Rating: [Weighted Average Score] (The final score is the weighted sum).

**Developers / pre‑production override:**

- EV/Reserve oz red lines: **Producers >40%**, **Developers >20%**.
- AISC Margin and Net-Debt/EBITDA often **N/A** pre-production -> mark N/A and **rescale weights** over the remaining factors.
- Reserve Life may be N/A pre-production; if no production guidance, mark N/A and rescale.


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