It would currently value Kharmagtai at around $100m in current form, ie a resource with great potential but not a Jorc resource with a solid PFS behind it - and not including XAM exisiting cash and Red Mountain in the equation.
Basically leaves existing Xanadu holders with 30.5 percent of Kharmagtai and 80.1 percent of Red Mountain after dillution - and 80 percent of the existing Cash.
The plus side is a lot of cash to throw at both that we would not have had, especially Red Mountain, to develop them further.
I think Zijin have gotten a bargain, but they are also in early and still exposed to risk, so I guess there is a trade off.
XAM Price at posting:
3.7¢ Sentiment: Buy Disclosure: Held
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