@plough
I take that back about OBM looking overvalued.
Just been having a closer look at over their plans.
Their Sandking UG prospect looks like it will definitely be a second production front. This should push head grade to about 4gt.
Their plant has a 1.2mpta nameplate. They'll probably need to reduce that slightly to deal with the harder ore blend. 1.1mtpa * 4gt = 130k oz at 92% recovery rate.
130k * $1,700 margin = 220 million OPCF
Current EV approximately 665 million.
OBM EV/OPCF = 3
SPR EV/OPCF = 2.6
BGL EV/OPCF = 5.75
SPR still looks the best value of the three using a back of the envelope estimated operating cashflow as the yard stick although OBM is looking like a pretty good buy if they can ramp up to 2 UG production fronts.
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Open | High | Low | Value | Volume |
90.0¢ | $1.00 | 90.0¢ | $6.153M | 6.372M |
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No. | Vol. | Price($) |
---|---|---|
1 | 200000 | 97.5¢ |
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Price($) | Vol. | No. |
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99.0¢ | 16444 | 2 |
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No. | Vol. | Price($) |
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2 | 6500 | 0.965 |
2 | 5000 | 0.960 |
1 | 1500 | 0.950 |
3 | 32124 | 0.940 |
Price($) | Vol. | No. |
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1.000 | 37977 | 7 |
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