Taken a position here. Not cheap per se vs some other players but given the location and the teams history I think the valuation is probably justified.
Theia being a single pit 1Moz deposit is key here. If you back out the capex and assume it gets fed through someone else mill that increases NPV by $123m. At current spot gold of A$3,100 pre tax NPV sits c. $630m. So adding capex on top that moves it to c. A$750m pre-tax. Or probably c. $550m post tax (with an 8% discount which while probably still low is good vs standard practice 5 in the gold space).
As such even though I say not cheap its trading <10% spot NAV if you assume a takeout. If you add in takeover premium it's probably still <20% of NAV.
Feysville etc look like there is real opportunity to expand the resource base too which is not factored into NAV for Mandilla currently.
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Last
8.9¢ |
Change
0.002(2.30%) |
Mkt cap ! $83.04M |
Open | High | Low | Value | Volume |
8.7¢ | 9.4¢ | 8.7¢ | $304.7K | 3.374M |
Buyers (Bids)
No. | Vol. | Price($) |
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1 | 108080 | 8.7¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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9.2¢ | 94999 | 1 |
View Market Depth
No. | Vol. | Price($) |
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1 | 108080 | 0.087 |
1 | 100000 | 0.086 |
2 | 47000 | 0.080 |
1 | 77000 | 0.079 |
1 | 150000 | 0.076 |
Price($) | Vol. | No. |
---|---|---|
0.092 | 94999 | 1 |
0.093 | 25692 | 1 |
0.094 | 184514 | 3 |
0.095 | 282440 | 2 |
0.098 | 181269 | 1 |
Last trade - 14.33pm 21/05/2024 (20 minute delay) ? |
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Last
8.7¢ |
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Change
0.002 ( 0.58 %) |
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Open | High | Low | Volume | ||
9.2¢ | 9.3¢ | 8.7¢ | 358790 | ||
Last updated 14.32pm 21/05/2024 ? |
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