@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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$1.05 |
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Open | High | Low | Value | Volume |
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Buyers (Bids)
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Price($) | Vol. | No. |
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No. | Vol. | Price($) |
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1 | 50000 | 1.040 |
4 | 50744 | 1.035 |
4 | 61394 | 1.030 |
3 | 238694 | 1.025 |
Price($) | Vol. | No. |
---|---|---|
1.050 | 15204 | 2 |
1.055 | 138694 | 6 |
1.060 | 38694 | 2 |
1.065 | 43360 | 5 |
1.070 | 28167 | 3 |
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