Bryah Resources - Intrinsic Valuation - Pike Gold Project in...

Bryah Resources - Intrinsic Valuation - Pike Gold Project in Canada (News)
This is not financial advice. Please check the information for this valuation. DYOR.

Key Takeaways

• Acquisition Target: Golden Pike Gold Project, located in New Brunswick, Canada

• Seller: Globex Mining Enterprises Inc. (TSX: GMX)

• Stage: Binding option agreement signed; due diligence underway

• Resource Base:

  • Inferred Foreign Resource Estimate (NI 43-101 compliant, not JORC):

    • Main Zone: 78,200 tonnes @ 11.47 g/t Au = 28,800 oz Au

    • Parallel Zone: 136,600 tonnes @ 8.54 g/t Au = 37,500 oz Au

    • Total Inferred Resource: 214,800 tonnes @ 9.6 g/t Au = 66,300 oz Au

⛏️ Project Highlights

• Outstanding Grades from historical drilling, including:

  • 13m @ 43.07 g/t Au

  • 10m @ 32.26 g/t Au

• Mineralisation remains open in multiple directions

• Rock chip assays up to 244 g/t Au in untested areas

• Established infrastructure access: roads, renewable power, ports

• Located just 90km from the port of Saint John

• Previous drilling occurred when gold was ~A$1,500/oz — now ~A$5,000/oz

Acquisition Terms

Bryah has secured an option to acquire 100% of the project for a staged consideration:

Payment Schedule (All figures in CAD):

Year	Cash	Shares (CAD)	Notes
On Agreement	$80,000	$200,000	Based on 5-day VWAP
Year 1	$100,000	$200,000	Requires shareholder approval
Year 2	$200,000	$200,000	-
Year 3	$300,000	$500,000	-

• Royalty:

  • 2% GMR for first 20,000 oz

  • 3% GMR thereafter

  • Buyback option: 1% of royalty for $1M CAD

  • From Year 6: $60,000/year advance royalty (indexed to inflation)

• Exploration Commitment: Minimum $3 million over 4 years

  • Year 1: $500,000

  • Year 2: $500,000

  • Year 3: $1,000,000

  • Year 4: $1,000,000

High-Level Intrinsic Valuation (Hypothetical Gold Production)

Let’s model a conservative valuation scenario based on the existing 66,300 oz inferred gold resource:

Valuation Assumptions:

• Gold Price: AUD $5,000/oz (current spot)

• Recoverable Resource: 50,000 oz (assuming 75% recovery + dilution factors)

• All-In Sustaining Costs (AISC): AUD $2,000/oz

• Pre-tax Margin: AUD $3,000/oz

• Gross Cash Flow: $150 million

• Capex & Royalties: ~$20–30 million

• Post-tax NPV (10% discount): ~AUD $70–80 million

Per Share Value Estimate (Post-Dilution):

Assuming full share dilution + exploration capital raising:
→ Intrinsic Share Value = $0.08–$0.12 (vs current ~$0.01)
This represents a potential 7–10x upside if production becomes viable.

⚠️ This is a speculative valuation subject to risks including resource conversion to JORC, permitting, financing, and successful development.

Strategic Commentary

Chair Ian Stuart notes this acquisition fits Bryah's strategy to unlock shareholder value through highly prospective, high-grade assets in stable jurisdictions. With record gold prices and a mining-friendly Canadian setting, Golden Pike offers potential for near-term exploration success and long-term development.

Location Snapshot

• Region: South-Central New Brunswick, Canada

• Area: 2,336 hectares across 146 mineral claims

• Geology: Gold hosted in mafic volcanic rocks of the Grant Brook Formation

• Nearby Mining History: Potash, zinc, lead; current exploration for antimony, tin, indium, and gold

Conclusion

Bryah’s entry into Canada via the Golden Pike project is a bold, high-grade move at a time when the gold market is thriving. The asset offers near-term drill potential, strong grades, and infrastructure access, with a relatively modest entry price — making it a strategic addition to Bryah’s exploration portfolio.