Оценка стоимости юниорной компании в геологоразведочной отрасли

Банковские услуги. 2026. № 2. С. 24–32.

Soldatova A., Столяров А. И.

This article examines the valuation of junior companies in the exploration industry. Forecasting future cash income in mineral exploration and production is complicated by the high unpredictability of project outcomes. This article examines the specifics of junior companies, their life cycle stages, and financing methods. Factors influencing the valuation of junior companies are analyzed, and approaches to valuing junior companies that take into account the specifics of risk and uncertainty are explored. A characteristic feature of the early-stage exploration project sector is the high uncertainty of future reserve results, a significant number of modifying factors in valuation, and the lack of uniform valuation standards that could be correctly applied, while traditional valuation methods are not entirely adequate. A conclusion is drawn regarding the need for a comprehensive valuation of junior companies, taking into account the specifics of projects related to the development of mineral deposits. The problems facing Russian junior companies in geological exploration are examined, and practical recommendations for improving their operating conditions are offered.

Keywords: бизнес-модели, государственная поддержка, месторождения, business models, венчурные инвестиции, venture capital, deposits, valuation methods, government support, геологоразведка, mining, exploration, juniors, юниоры, risks and uncertainty, mineral reserves, junior financing, горнодобыча, методы оценки стоимости, финансирование юниоров