Ann: Trading Halt, page-6

Thinking you guys might need think it over a little more. This could be something truly transformative (or not).

This is from the RIO2 presentation with a little addition




RIO2 is developing the Fenix Mine ... this is their resource



Go and check



and in US$ and todays value its trading at ~US$40/oz EV multiple (~$200M/4.8Moz)


Remember what I wrote about what I would call "Advanced Exploration" ... a maiden MRE has been drilled out .. would mean at least Inferred but hopefully Measurend & Inferred and if so ... what better "peer valuation". RIO2 is developing the Fenix Gold Mine - an Oxide resource in the Maricunga Gold Belt ... so that's where PL has acquired this "advanced exploration" project.

Yes the RIO2 Fenix mine is fully funded and they announced construction start Feb 6. So Fenix is way more than an advanced exploration project. But what does that mean from a relative valuation perspective. You pay more basically. Fully funded development project is worth more than "advanced exploration". So maybe "advanced exploration" is worth AUD$30/oz M&I.



I am not a fan of including Inferred Resources in any valuation, but that doesn't mean others do.

So here is a slide from another TSX Gold junior that shows M&I&I



There you have US$22/oz as the EV multiple based on M&I&I
Or you could be more conservative and use a Median value ... which looks to be about US$15/oz

Obviously there are specific company risks that aren't taken into account - so DYOR - but I'm looking forward to what this announcement is going to be.

GLTA