I found this BGL info from their last DFS released in September 2021. It seems that despite having an MRE of 3m Ozs (9.4mt @ 9.9g/t) they will only produce 1.56m Oz ( ie 8.1mt @ 6.0g/t). They include a note which states these figures exclude 460k Oz (ie 1.28mt @ 11.1g/t). I realise these figures have been updated for production of 1.83m Oz or 270kOz more than the image below.
The reason I point this out is that BGL has a MC of circa $2b which probably will increase if they meet production and cost guidance from the DFS, when SPR are looking at an MRE of circa 2.5m Ozs come next June and the potential for a major part of that MRE will be mined due to the nature of the NN orebody, which contrasts with BGL relatively lower proportion of MRE that looks likely they will end up mining. BGL has a MC approach 3 times (maybe a bit less) than SPR.
Maybe I am wrong about my conclusions.
SPR Price at posting:
64.0¢ Sentiment: Buy Disclosure: Held
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