Red Metal Banter, page-119

I have just finished tidying up my spreadsheet and correcting incorrect data. Companies are valued on their project percentage equity. RDM's valuation is only on its 52.98% shareholding in MMA. BML is only valued on its 75% holding in the Sorby Hills project and G1A was added for comparison against BML & MMA/RDM but realistically is a lead miner with copper/gold down deep. ADT is the standout hence its $1B market cap. Grade is definitely king. Abra was added because it's my 3rd largest holding after MMA and RDM.

The standout concern is IVR. 20% higher priced in EV compared to SVL. I know it run hard in 2020 but I will go out on a limb and predict it will underperform in 2024. The gold resource equivalent highlights just how small IVR is. In gold terms, 728K oz resource @ 0.9g/t grade. Should it be valued at 7.5x compared to MMA on an EV basis? There is a lot of fat there for its Molly project in the NT. ARD seems to be undervalued as well. Possibly due to being a predominately PM project with lower grades than IVR.

RDM with its current price increase has second lowest EV behind MMA and that is without assigning any value to its many projects. I can't help thinking that 2024 could be a defining year for RDM & MMA.

I subscribe to Elliottwave Trader and the current Elliott Wave count as of today's alert has gold & Silver commencing their respective wave 3 of 3's once we bottom in the next few weeks. Wave 1 was the 2020 rally and wave 3's should surpass the gains of wave 1. Wave 1 rallied from $12 to $30 ($18 rally) and the current low is $17 for the wave 2 bottom. Wave 3 of 3 is expected to last for most of 2024 with silver price predicted to peak in the mid $30's to low $40's.