i think we will soon be out of holders who are prepared to give away their stock, at effectively zero EV. Pending the listing .
MC = 20m Forward sale proceeds in cash/ investments = 20m Assets retained over 550koz => 1m oz with exploration.
Prior to this deal, we had 23/ oz mc, (cheap) and EV about the same, as cash was low. (20m mc / 874 koz ) Now we have EV close to zero / 553 koz ,
The market is, for now attributing zero value for our 553 koz to our EV. The upside is apparent. As we use the cash deposit to start exploration, and simply wait for the listing to unlock the rest, that can be applied to unlocking exploration to 1m oz.
Develop or sell the next 1moz, and just hand out a dividend. Use that runway of cash, to create a next sale that could be multiplies higher in proceeds.
