Ann: Acquisition of Sierra Blanca project, page-11

@Wack @binwood so is my basic reading of this as follows

existing - 92m oz AG (indicated and inferred)
301m shares outstanding (including the 5m for this transaction)
PLUS we haven’t even started the additional exploration

= 92m / 301m = 30.5c / share of AG in the ground

YET, YET AG trading at $48+ AUD / OZ

so assume what 80-% recovery as conservative so 92*80% = 73.6m oz recovered = $3.532 B AUD = $11.74/share

less AISC say $30 AUD in Argentina (completely pulled that out of my ass), = $2.76B AISC (happy for the more learnered to update)

POTENTIAL AT 80% recovery of EXISITING resource

so - $3.532B - $2.76B = $772m AUD OR

$2.56 / share or 15X from here???

Am I smoking something here, Risk / reward seems pretty good doesn’t ???

Granted we probably won’t mine it and will be taken over but am I off with the pixies? If so ill gladly delete this post.