ANL Vs CDV - Better value.??, page-7

We are looking at 5-7m oz at ANL including Tendao. Maybe more.

Recently Gold M&A has happened around US$150-170/oz levels. Since this is DRC, let's assume 1/3rd of that (Kibali deal happened around $30/oz incidentally but that was in 2009 right after the financial crisis so valuations were depressed). At US$50/oz, you get US$250-350m in EV for the resource. 55% of that gives you US$137-192m or A$ 182-256m (ANL would own 60% of Tendao but for the sake of simplicity and conservatism let's just use 55%), which equates to 10c-14c for ANL. Assume 25% dilution to that in order to fund further exploration, and you get 7.5-10.5c as fair value range.