Ran the numbers in detail and this is a good deal!
- EVN + Red lake : $85.71/oz at 7.0Moz (Measured & Indicated)
They got it for cheaper, albeit almost the same price as POGO. See comparison to other recent M&A below:
- PNR + CNG : $39/oz at 2.2Moz
- SAR + BGH : $57.88/oz at 0.660Moz
- NST + POGO : $86/oz at 4.1Moz
- AMI + PEAK : $116/oz at 1.2Moz
- NST + EAR : $140/oz at 1.8Moz
- SAR + Super Pit : $297.29/oz at 3.7Moz
- SBM + Atlantic : $455/oz at 4.3oz
Which tells me Red Lake a Fixer-upper and makes sense per "rejuvenation/turnaround spill" on slide 8.
Ann: Red Lake Acquisition Investor Presentation, page-16
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