SPR 3.10% $1.25 spartan resources limited

Ann: Exceptional new thick, high-grade intercepts, page-182

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    $1,500 AISC will not give $2,000 per OZ cash flow but AIC at $1,500 will - there are other expenses on top of AISC.
    I need to check but I believe EV for BGL is higher than what you state as it has quite a lot of debt. Will revert at some stage.

    OBM is supposedly targeting AISC of below $1,950 next year with 100k Oz of production and 150k Oz following year. Its EV is about $650m and may only generate FCF of $100m to $125m next year. SPR looks cheap compared to OBM on this metric.


 
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