You are not wrong. But if you have priced in the performance right then you should also price in the conditions of those rights:
1- Need to prove up a mininum of 2Moz @ 1g/t
2- Complete a DFS
At the end of December quarter the company has 19.4M in cash, by 13/1 we added 3M more from SPP so a total of 22.4M. EV at 200M MC (taken into account % ownership & dilution) is around 178M. 178M/2Moz = $89/oz. Now, the average EV/oz of similar projects in the research done by Pac Partner is $130/oz. Also, as per Pac, those in Tier 1 mining jurisdiction like TSO, a fair EV/oz should be close to CMM, which is trading @ $309/oz.
Now, an average grade of 1g/t as stated in the performance right is very high for a low grade bulk tonnage system like TSO. The actual resource could be much larger with a low cutoff grade. For example NVA used 0.18g/t as cutoff with average grade of 0.35g/t. Our resource therefore can easily grow from 2Moz @ 1g/t. For example a 3.5Moz @ 0.4g/t would give us an EV of $50/oz. And please keep in mind that the DFS is likely to be highly profitable with low AISC (I wont explain why again).
Now please tell me, do you think a EV/oz of $89 or $50 for top class deposit is fair? I think we still have plenty of upsides to go from here.
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