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Rupice looks like it should be cheaper to mine than BGL as well?

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binwood

9,063 Posts.

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19/10/18

14:51

Post #: 36188977
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Originally posted by PamplonaTrader ↑

Originally posted by binwood
How good is that? How many juniors can claim to add 250koz AuEq of inferred resource with every drill? Cantanol approval could be worth multiples of our current market cap in extension of Rupice alone.
This is in line with my estimates.

Every 50m stepout down plunge adds 570kt. At 14 g/t AuEq (conservatively as it does not include BaSO4), that is over 250koz AuEq every 50m stepout and adds 1 yr of feed assuming a modest 540ktpa throughput.

My rough estimates put current tonnage at 4.5Mt+ with estimated 200m of additional strike based on the footprint of associated IP anomaly. This puts potential tonnage close to 7Mt. Again, this does not include the 4Mt+ at Veovaca or any of potential tonnage from promising regional targets in places like the Borovica Corridor which is a mirror image of the Rupice Corridor.

In terms of revenue potential (recall NSR is roughly 60-65% GMV but again excluding BaSO4), Rupice has the potential to produce an equivalent 154Koz AuEq to 167Koz AuEq per annum.

I've compared to Hod Maden previously but Dalradian which was recently taken out by PE firm Orion is also a great comp. Dalradian's Curraghinalt is 12.7Mt @ 10 g/t Au which is roughly double the size of Rupice at roughly the same recoverable AuEq grade. In terms of annual cash flow potential, Rupice should be very similar to Curraghinalt (IIRC 130koz Au pa). Orion paid close to A$580M for Curraghinalt.

Given these estimates, the current fully diluted enterprise value under US$50M is absolutely absurd.

Explain to me why Bellevue BGL.ax has a fully diluted EV nearly double ADT.ax? Similar recoverable AuEq grades but Bellevue has half of the defined tonnage to date and potential about the same as Rupice, only.

For the above reasons ADT has become my largest individual holding and I have no intention of gifting my shares to others at these prices.

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Rupice looks like it should be cheaper to mine than BGL as well?

ADT Price at posting: 44.0¢ Sentiment: Hold Disclosure: Held
4 Upvote

0 Great analysis

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Rupice looks like it should be cheaper to mine than BGL as well?

BCI reaches close of funding facility for salt-first part of Mardie project

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

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Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

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Rupice looks like it should be cheaper to mine than BGL as well?

Top Stories

BCI reaches close of funding facility for salt-first part of Mardie project

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

Buxton projects new graphite province discovery at WA Narryer play

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

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