Why would an explorer be valued solely on future earnings from a single project in it's portfolio when its key focus is still exploring? Yes, if it had one principal activity, then future earnings would be a good base to value. In any case Sandfire is likely to develop the project by aggressive drilling to turn it into something much bigger which will:
1) take VRX along for the exploration ride (SFR announcements will be mirrored in VRXs)
2) provide much larger cash flows if/when the project reaches production.
What value has been assigned to:
- the exploration upside by SFR,
- VRX other projects, tenement holdings etc,
- and most importantly the value in existing management- they've done what 99% of explorers fail to do which is to take an exploration project towards production. Can they do it all again?
After yesterday's announcement they should have some spare cash to get exploring again.
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