Try and look past the premium for a second.
* Mt Mag has 1.5 years of stockpiled ore (1gt) that ore will most likely be processed through Dalgaranga's mill in the
near term.
Think 100k oz at processed at an ASIC of approximately $800 (processing and haulage).
At current spot price that equals nearly 400 million in undiscounted cash
* Dalgaranga mill likely to be already fit for purpose to process Mt Mag's stockpiles, no need to rush Dalgaranga and or Mt Magnet mill upgrades.
* Never Never ore to be initially milled at Mt Magnet during the mine ramp up phase.
* Cue deposits closer to Dalgaranga than Mt Magnet massive hub and spoke optionality, Cue deposits still have significant untaped growth potential.
* Yalgoo oxide ounce inventory importance increases with the introduction of a hub and spoke model.
* No further debt requirements to fund growth projects.
* Combined entity will be only the third Aussie gold producer (NST,EVN) to join the ASX100.
* Instant GDX GDXJ reweighting.
* Company will have comfortably over 1.3 billion in liquids if SPR equity is converted to cash.
* Combined entity EV ranked fourth behind GMD (lot's of room for re-rate).
Combined entity High-Margin EV/resource EV/reserve heavily undervalued compared to many of its peers.
All this adds up to significant near-term re-rate potential IMHO.
(20min delay)