The overwhelming evidence is that the company is poorly managed and overvalued. The past 14 quarters has seen the company leak $400m of free cash flow..and that’s with paying next to nothing in tax... funded by $150m equity raise, $200m debt and they picked up some cash in the Toro acquisition which was purchased with script and debt.
Now some of this cash was used in developing Syama UG but its operations are still not cash flow positive. They’ve set themselves targets of 2.4mtpa throughput, 89% recoveries and sub $20/t ore in UG mining costs (even better than carapateena which is a sub level cave operation in commissioning like Syama UG and twice the size). All seems very ambitious and whilst i don’t mind Mako I can’t get to the current valuation. $100m cash from Ravenswood may help keep the lights on. GL
Ann: Sale of Ravenswood Gold Mine, page-44
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Last
61.5¢ |
Change
0.035(6.03%) |
Mkt cap ! $1.298B | |||
| Open | High | Low | Value | Volume |
| 60.0¢ | 61.5¢ | 59.0¢ | $5.904M | 9.766M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 15000 | 61.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 61.5¢ | 148752 | 5 |
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| Last trade - 16.10pm 09/08/2024 (20 minute delay) ? |
| RSG (ASX) Chart |