I've just spent sometime trying to gauge El Refugio valuation against a TSX explorer with a gold / silver resource in Mexico. I chose Silver Tiger Metals. My goal is to consider how TSX investors may value Pinnacle Gold and Silver?
Silver Tiger Advantages:
Greater MRE at 1,000,000 AUeq OZ vs 529,000 MTH
Indicated resource at 2/3 rather than at 28%
MTH / Pinnacle Silver and Gold advantages:
Expect a lower AISC with resource at 6.8g/t Aueq vs approx. 1g/t Aueq
More impressive drill grades expected for Pinnacle Silver and Gold vs Silver Tiger - may get more interest if better drill results?
Unknown: How much the resource would have expanded from either company since the MRE? I'm sure there are many other variables missed. Valued JV MTH interests at $0 and Silver Tiger does not appear to have other mining interests.
Silver Tiger Metals has a market cap of $80 million CA
I think there is room to think that the El Refugio resource could get more love from investors on the TSX based upon this comparison and valuation of Silver Tiger at $80 million.
IMHO
I've just spent sometime trying to gauge El Refugio valuation...
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