Some very interesting moments here, current state of affairs:
Revenue:
RED5 March AISC = $1,926/oz
SLR March AISC = $1,522/oz
(each contributing ~50% of production so weighted average AISC around $1,750/oz)
~450koz production per year
Hedging 290koz @$2,769/oz (about 15-20% of production over next few years)
82koz @ ($2,769 - $1,750)) = ~$82m
(445-82koz) @ ($3,500 - $1,750) = $635m (todays gold price, yet to see management guidance on production?)
Total = $717m
to get to FCF maybe another $80m of spend on growth capex?
Liquid assets:
Cash and bullion $453.7m
(less) Debt $92.9m
(plus) RED shares held $156.6m
Total = $517.4m
EV = $2.72b - $517.4m = $2.2b (at $0.405 price)
So correct my math please, but this stock is trading for a ~3.06x EV/EBITDA ratio... Not sure what has happened recently with the stock price but I certainly was expecting post-merger for it to go upwards not downwards so as long as I remain confused by the markets valuation I will continue holding the stock. Middle column highly relevant from page 8 of market annoucement on 9th April.
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Last
29.0¢ |
Change
-0.015(4.92%) |
Mkt cap ! $1.972B |
Open | High | Low | Value | Volume |
30.0¢ | 30.5¢ | 28.5¢ | $11.74M | 40.23M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
19 | 2499164 | 29.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
29.5¢ | 1608201 | 23 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
18 | 1693518 | 0.290 |
19 | 1401753 | 0.285 |
29 | 1630799 | 0.280 |
15 | 662909 | 0.275 |
10 | 925300 | 0.270 |
Price($) | Vol. | No. |
---|---|---|
0.295 | 1608201 | 23 |
0.300 | 992106 | 10 |
0.305 | 378790 | 5 |
0.310 | 627143 | 11 |
0.315 | 338468 | 6 |
Last trade - 16.10pm 04/09/2024 (20 minute delay) ? |
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