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Ed1value

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04/01/22

16:10

Post #: 58634838
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Originally posted by goldnerd: ↑

In terms of an immediate re-evaluation to Lion's Pani interest based on the recently announced transaction a simplistic valuation could be:

Merdeka has paid US$80.16m for a 50.1% interest in the Pani COW. This values the entire 2.3 Moz deposit at about US$160m or A$220m. On a per oz basis this equates to A$95.7 per oz.
Assuming the Pani IUP oz are valued the same way, this would value the entire deposit at A$227m (2.37 Moz @ A$95.7 per oz).
Lions share would equate to 33.3% of $227m or A$75.5m. This is just over $12.2m above the present valuation of A$63,3m or an increase of about $0.08 per share.

Friday's share price action seems to support the above in that the share price increased $0.085. One can make the argument that the Pani IUP deposit is the more valuable of the two and has much greater scope for an increase in overall oz, making the above valuation very conservative.

In addition to this its the ongoing progress and news flow going forward which will hopefully see the share price start to reflect and possibly even exceed the full NAV per share which should now exceed $0.70 per share.

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Thanks for the analysis!
LSX Price at posting: 56.0¢ Sentiment: Hold Disclosure: Held
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(20min delay)
Last 86.5¢		Change 0.000(0.00%)		Mkt cap ! $122.0M

Open	High	Low	Value	Volume
87.0¢	87.0¢	86.0¢	$20.57K	23.85K

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No.	Vol.	Price($)
4	32523	86.0¢

Sellers (Offers)

Price($)	Vol.	No.
87.5¢	7431	1

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No.	Vol.	Price($)
4	32523	0.860
4	15619	0.855
6	19287	0.850
4	14775	0.845
3	41190	0.840

Price($)	Vol.	No.
0.875	7431	1
0.880	15721	3
0.885	27809	2
0.890	17289	3
0.895	20000	1

Last trade - 10.14am 28/07/2025 (20 minute delay)

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Thanks for the analysis!

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Thanks for the analysis!

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