Haven’t look at that in detail
However it seems You’re double counting the resource and cash, as they acquire bullabulling for cash component of $156m, they’re left with $70m cash
The rough comparison would therefore be
At MI6 mcap of $290m, less $70m cash remaining = ev $220m for 2.3m Oz
WA8 $100m mcap for the same Australia resource.
WA8 is arguably at least $100m undervalued on this metric alone
But the above doesn’t take into account the other distinctive aspects of WA8:
-premium for antimony play momentum
-higher grade resource premium
-another 1 million oz BS USA gold resource - this adds likely tens of millions to the gap in EV
-more MRE upside expected from re-assaying historical drill cores shortly
So the guys selling now have no clue about share price movement, same as those buying but there appears to be more upside. I recall the MD of PLS selling half of his millions of shares at $1.25 or $1.50 only to watch probably in horror the sp rise to $5.80. Simple truth, even directors don’t know where the sp is going. Suffice to say wa8 directors are driving the WA8 share price to a fairer valuation on the back of the antimony discovery and massive MRE upside . It’s currently undervalued and my group now has nearly nine million reasons for the conviction
Looking forward to AB’s Thursday presentation. She’ll likely unleash warriedar to raid the register of antimony peers
WA8 Price at posting:
10.8¢ Sentiment: Buy Disclosure: Held
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