Some generalisation on my behalf .... note I have calculated the MC of NMG using 12cents/share and assuming conversion of the notes.
RSG is undervalued when compared to it peers ... eventually both companies will be one I imagine.
RSG:
MC @ 1.32 = $852 million
Production: 415 k oz. MC/oz. Prod = $2053
Resource: 9.7 million oz. MC/oz. Resource = $87.83
Reserve: 4.43 million oz. MC/ oz. Reserve = $192
NMG:
Shares: 666.4 million …… Notes: 666.4 million
1333 milllion shares @ 0.12 = MC $160 million
Production: 150 k oz. MC/oz. Prod = $1066
Resource: 2.8 million oz. MC/oz. Resource = $57
Reserve: 0.972 million oz. MC/ oz. Reserve = $164
Using RSG valuation to value NMG:
MC/oz. Prod = $2053: 150000 oz. * 2053 = $307 million MC
MC/oz. Resource = $87.83: 2.8 mil oz. * 87.83 = $246 mil MC
MC/ oz. Reserve = $192: 0.972 mil oz. * 192 = $186.6 MC
Ann: Entitlement Offer Shortfall , page-34
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