Gilbert Analytics — Independent Research

Where the Drill
Meets the
Discount Rate.

Gilbert Analytics exists to close one gap: the distance between what junior gold projects are worth and what the market prices them at. For companies, that means defensible valuation.
For investors, that means an edge.

Read The Gold Grid → Running a junior gold company? →
Market prices
junior gold at $93
Acquirers
actually pay $729
Investors — Live Tracked Portfolio +280%
  • First closed position: NSR (TSX-V)
  • Return: +280% over 7 months
  • EV/oz re-rating: 5.9× at exit
  • Grid score at entry: 80 / 100
See how we did it → Companies — Sample Deliverables 3 Reports
  • Comparable Transaction Analysis
  • Project Value Roadmap
  • DCF Scenario Analysis
Download samples →
Scroll
Proof of Methodology

The gap closes. Here is the evidence.

For Investors
Live Tracked Portfolio +280% First closed position · NSR (TSX-V) · 7 months

The Gold Grid scored this company at 80/100 when the Gold Gap showed extreme compression. The position was entered, documented, and tracked publicly from day one.

When the gap compressed, the re-rating was 5.9× EV/oz — exactly as the framework predicted.

+280%Return
5.9×EV/oz Re-rate
80Grid Score
See the full benchmark →
For Companies
Sample Deliverables This is what GA analysis looks like. Company names redacted — because discretion is part of the service.
PDF
Comparable Transaction Analysis [CONFIDENTIAL] · Nevada · Pre-43-101
Sample ↓
PDF
Project Value Roadmap [CONFIDENTIAL] · Stage P/NAV Progression
Sample ↓
PDF
DCF Scenario Analysis [CONFIDENTIAL] · 3 Gold Price Scenarios
Sample ↓
Track Record
Gap Benchmark Live Tracked Portfolio
Tickers redacted for active positions. Full details to paid subscribers. Entry logic and EV/oz published at time of entry — never retroactively.
Company Entry Date Grid Score EV/oz Entry → Current Return Status
NSR
TSX-V · Gold · Quebec
Apr 2025
80 /100
US$15.7/oz → US$92.5/oz
+280% Closed
████
TSX-V · Gold · Nevada
Feb 2026
88 /100
C$18/oz → C$24/oz
+33% Active
████
TSX-V · Gold · Ontario
Mar 2026
85 /100
C$22/oz → C$28/oz
+27% Active
··· 3 additional positions visible to paid subscribers ···

Entry logic, Grid score, and EV/oz published at time of entry — never retroactively. NSR position closed and fully documented in the NSR Retrospective (July 7, 2026). Active tickers disclosed to paid subscribers only. Past results do not guarantee future performance. Not investment advice.

See full benchmark →
The Methodology

Three frameworks.
One engineering lens.

Every number has a source. Every assumption is documented and published. No black boxes — the methodology lives in the newsletter.

01

The Gold Gap

The P/E ratio of junior gold. Compares current EV/oz to a benchmark from 14 M&A transactions. Measures the tide — not individual boats.

$93 Market $729 Benchmark
Updated monthly
02

The Gold Grid

100-point scoring across five pillars: Valuation, Quality, Continuity, Team, Risk. Scores reflect what acquirers pay for — not what promoters advertise.

22 Companies
Scored
03

Stage Valuation (SAV)

Five-stage P/NAV framework. Each stage has a defensible valuation range. The right multiple at the right stage — no more, no less.

Pre
43-101
Inferred
MRE
M&I
MRE
PFS /
FS
Buy
out
GA Proprietary Methodology — Gold Gap · Gold Grid · SAV
═══════════════════════════════════════════ -->
Two Doors. One Framework.

The same rigour serves both sides of the table.

01 For Investors

The Gold Grid Newsletter

Monthly junior gold intelligence built on engineering-grade valuation. 22 companies scored on what acquirers actually look for — not opinion, not momentum.

  • Monthly Gold Gap Snapshot — compression indicator with live data
  • Teaching Shorts — one methodology concept explained each month
  • Grid Pulse — company scoreboard with pillar analysis (paid)
  • Gap Benchmark — live tracked portfolio, full entries (paid)
  • Deep Dives — acquisition forensics and stage valuation (paid)
Subscribe Free →
02 For Companies

Technical Advisory & Valuation

Junior gold companies hire Gilbert Analytics to answer the question their broker won't: what does your project actually benchmark against the 14 most recent comparable acquisitions?

  • M&A comparable benchmarking — EV/oz vs. 14-transaction database
  • Stage-appropriate valuation — Pre-43-101 through Feasibility Study
  • Project Value Roadmap — P/NAV progression by milestone
  • Investor communication packages — defensible numbers, clear assumptions
  • Independent technical due diligence for financing discussions
See sample reports →

To request a full sample report:

agilbert.investor@gmail.com

Mention which report you'd like: Comparable Analysis, Project Value Roadmap, or DCF Scenario Analysis.

About

The Engineer's Edge in Junior Gold.

Alain Gilbert is a mechanical engineer with a B.Eng. and a background in quantitative analysis. He founded Gilbert Analytics to bring engineering-grade rigour to a space that has too much promotion and not enough defensible numbers.

He is the author of The Gold Grid, a monthly newsletter covering junior gold valuation for 247 subscribers across North America. His methodology is proprietary. His assumptions are public. Every number has a source.

The methodology is independent. The analysis is his own.

B.Eng. — Mechanical Engineering

Read the Rock. Price the Project.

Independent junior gold analysis. No promotion. No agenda. The methodology stands on its own.

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