Really positive transaction for Matsa. Still around 550Koz gold resource after the sale by my calcs. The replacement cost for the ounces sold is going to be much less than the $20m in sale proceeds - fortitude north alone could take Lake Carey back towards 1Moz. Wish they highlighted this part a bit more in the press release…
The upfront million in cash will probably see them through without the need to raise any more money from shareholders - and the staged payments will likely mean a drill out for first resource at FN in first half of next year? Hopefully that’ll still leave a few mil in the bank and a free carried shareholding in Linden Gold. Seeing a plan that indicates the strategy timeline would be nice.
Ann: $20M Sale of Red October and Devon Gold Projects, page-18
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