Delphi might want to value KIN as a producer but it hasn't come...

Delphi might want to value KIN as a producer but it hasn't come close to convincing anyone else to do the same. Sector average for smaller producers is about $190 an ounce, so Delphi is counting on an enterprise value for KIN that would be approaching $300m based on the resource alone?

I don't know how much cash KIN has left as of this week, but its EV looks like it is less than $40m. Maybe the DCN stake really is the rabbit in the hat in unlocking access to Mt Morgans, but that's a huge disparity in value to bridge.

And I'm still not sure how that works as the company most likely to buy KIN's ounces also has the biggest say on whether KIN gets the tolling deal it desperately needs.