Today's EV to Resource is $20.2/oz. That is very low for a company with proven reserves of 1,308 Koz and resources of 1,573 Koz of resources. Even lower when you take into consideration that it has all the approvals needed to mine and set up a processing plant and has some of the infrastructure in place.
So, what is a fair value? What is the market value assigned to similar reserve/resource? In similar jurisdictional risk?
Consider:
- KSN, also in Papua New Guinea, with EV to Resource of $76/oz, reserves of 1421 Koz, resources of 4,369 Koz but not yet approved
- FEG in Indonesia with EV to Resource of $49.9/oz for gold equivalent resource of 1150 Koz (includes copper as well) but no reserves yet and no approvals.
If you want more info then just do your own research.
Ann: Reinstatement to Official Quotation, page-29
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