Hi koozy I can't give a figure now (I'm away at present and don't have the time). But here's a brain-dump of a few thoughts, from memory (sorry no links):
The current MC of ~$11M is ridiculously low (which is why a takeover is a strong possibility - perhaps right now). Two Top 20 shareholders with whom I was discussing this after that 9M+ buy 2 days ago agreed with me that Helix is a "sitting duck" for a takeover because it's so undervalued. Both agreed with my unfortunate view that the current MC reflects a management discount (being the difference between the fair value of the assets and the current MC). So, there would be a sizeable add-on for that reason in a takeover bid as the management discount should disappear - since there would undoubtedly IMO be new management in a takeover.
A bidder could not risk 'low-balling' too much a bid for Helix because that would invite another competitor (or more than one) - call them Bidder 2, 3 etc. - to say "OK, if Helix is going to go for that we should just pay a bit more and take them". In that process, the original bidder would have to go over the top of Bidder 2, just to have the best bid - and Bidder 2 would likely have a 2nd bid, as you know.
In short, there likely would be several interested bidders around, especially if the price started too low, so it could activate a bidding war.
Given the prospectivity of Cobar, even the thought of someone else snatching the prize should up bid levels.
Bear in mind that copper is on a tear and headed higher, as Marc111 has been pointing out - in case anyone missed the EV revolution that has only just started, BTW.
Money is incredibly cheap at the moment, so the holding cost of the Helix assets is negligible, making higher NPVs etc.
Bidder's stock may be offered as (at least) part consideration. Since most other competitors or known Cobar companies are likely to be trading at much closer to their asset values then their paper - even in better managed companies - may ironically not be appealing to Helix shareholders unless there is enough of it to cover the management discount plus a buoyant takeover premium. We have to ensure we get paid for our asset value + potential rather than a figure past on our appalling MC of recent years.
We are due assay results (overdue in some cases, in typical Helix fashion):
(a) for the gold drilling. There would also need to be a reassessment of the 2019 JORC figure of 118,000 oz following the last set of gold assay results, which importantly demonstrated gold in the 'Link Zone' Urgent action would be needed here;
(b) for Bijoux especially - and the EM interpretation having regard to the assays. See the helpful recent post by Marketinfo re this. It will be infuriating if a bid comes in before we get a couple of deep diamond holes into Bijoux - where are the bloody assay results and EM interp??!!;
(c) Collerina - which should demonstrate the scale breakthrough that was foreshadowed in the important March 2020 release that the market largely ignored. That could multiply the existing copper resource of about 40,000 tonnes of contained copper in the existing JORC figure, which IMO was very underwhelming (for the moment). Remember that the exploration target for Collerina was an additional 30,000 - 150,000 tonnes of contained copper ¨(as I recall). 11up has helpfully posted before about the in-ground value of the current (grossly conservative) resource.
It will be infuriating if we find ourselves with a bid which puts inadequate value on our exploration acreage (as bids often do) because we have sat on our bum with most of it for so long and talked about it but not drilled enough!! Now we have a share price damaged by lack of activity (until recently), slow results and failure to explain misses (see, e.g. re unexplained missing drilling in promised northern area) and other confidence destroyers, which together have caused terrible dilution. Meanwhile, out in the paddock we have:
(a) All those targets along trend from Collerina - Yathella, Widgielands, Max's Folly etc. Then there is Mundarlo - 3 shallow holes of great interest as I recall and then back to sleep.
(b) And that ~50sq. km northern area that we were titillated with as part of the capital raising, but which was not drilled nor was that omission explained. That's not just annoying, it could cost us now because unless we snap out of it we won't have in time potential high impact drilling results to go in a Target's Statement!!
The good news is that experienced industry people know about Helix and that its acreage has not been properly tested (if drilled at all), so if they're prepared to back themselves they could find some of the treasures that we've not even drilled for. When combined, it should reflect in a price, ultimately, of several times the current MC. That said, we must ensure that management don't dilute us away now at these bargain basement prices. Stay vigilant, people.
(20min delay)