Agree 100% DTL but I'm still hoping that if a TH/TO is inevitable, it doesn't happen until at least mid next year to see the planned decline and drilling campaign done.
I'm assuming (given no TO attempt since Pepper ewas discovered) that there is still a big gap between what RMS and SPR mgmt/large holders think is a fair price. I get that the view on the probabilities around what the drilling will turn up is difficult. My model for the cashflow/Price Target isn't complex (just covering the basics of royalties, mining rates etc, equity dilution for restart etc) but FWIW I have to be quite pessimistic about all of the inputs to get a price target less than $2. (e.g FCF multiple of <5, let's say justified by being a single asset producer, gold <A$3500 etc).
Basically you would have to assume everything that is currently uncertain goes against SPR which feels extremely low probability.
SPR Price at posting:
$1.39 Sentiment: Buy Disclosure: Held
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