A 2–3 Moz open-pit gold mine at 1 gpt, 5km from Cadia, is likely worth$400M–$600M (USD)to Newmont, orAUD 600M–900M, driven by access to Cadia’s mill, low AISC potential, and strategic fit. The midpoint of $500M (USD) reflects a balanced view of resource uncertainty and synergies, without porphyry upside. For comparison, Newmont’s $800M sale of its 50% Super Pit stake (4 Moz effective) suggests this range is reasonable
WTM Price at posting:
33.0¢ Sentiment: Buy Disclosure: Held
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