SNG Siren Gold .. $12-15m mkt cap, $2.5m cash, no debt, they own...

SNG Siren Gold ..

$12-15m mkt cap, $2.5m cash, no debt, they own 82% of 824k oz gold, and growing, JV with a major gold player, Oceana ...

They also own ~26% of RUA (Canadian listed) which has a market cap circa $45M.

1.

RUA Gold Holding (TSX: RUA)

• Let’s assume Siren owns ~26% of RUA Gold (based on previous filings).
• RUA Gold’s market cap (as of May 2025): Let’s assume CAD $45M.
• Siren’s stake (26%): ~CAD $7M → ~AUD $8-9M

2.

New Zealand Gold Projects (~80% of 830koz)

• Siren owns ~80% of a project with 830,000 oz of gold (inferred/indicated).
• So their attributable gold is: 664,000 oz
• Value per oz depends on stage and jurisdiction. A conservative in-ground value for early-stage NZ assets might range between AUD $50–$100/oz.
• Valuation range:
  
  • Low: 664,000 oz × $50 = $33.2M
  • Mid: 664,000 oz × $75 = $49.8M
  • High: 664,000 oz × $100 = $66.4M

3.

Net Cash

• Cash on hand: AUD $2.5M

Sum-of-the-Parts (SOTP) Valuation

	Component	Low Est.	Mid Est.	High Est.
RUA Gold stake	$12M	$12M	$12M
NZ Gold Projects	$33.2M	$49.8M	$66.4M
Net Cash	$2.5M	$2.5M	$2.5M
Total Implied Value	$47.7M	$64.3M	$80.9M

Market Cap Recommendation

• Current SNG market cap (check latest, likely around $20–25M AUD).
• Based on above, a fair valuation range is ~$50M to $80M AUD, depending on investor sentiment and confidence in exploration upside, jurisdiction, and development path.

Bottom Line

Siren Gold (SNG) should likely trade at a market cap of between $50M to $80M AUD, based on current asset backing (RUA stake + NZ gold + cash), suggesting a significant undervaluation if it’s still trading around $12-15M.

Upside Calculation

From the prior valuation:

Low Case Valuation:

$47.7M

• Upside = (47.7 - 10) / 10 = 377%
• ~4.8× current market cap

Mid Case Valuation:

$64.3M

• Upside = (64.3 - 10) / 10 = 543%
• ~6.4× current market cap

High Case Valuation:

$80.9M

• Upside = (80.9 - 10) / 10 = 709%
• ~8.1× current market cap

Summary

1		Valuation Case	Implied Market Cap	Upside from M	Multiple
2	Low	$47.7M	+378%	4.8×
3	Mid	$64.3M	+543%	6.4×
4	High	$80.9M	+709%	8.1×

Siren Gold appears massively undervalued if:

• The RUA stake is liquid and correctly valued,
• Its New Zealand resource holds commercial potential (even at modest in-ground values),
• There’s exploration or development momentum.

This could be a classic deep value + optionality play, where just closing the valuation gap offers 4–8× upside — before any further discoveries or gold price tailwinds.