On 30 April our JV partner VEN put out a presentation, with page 5 giving a net value for Vali of $35-40m for VEN. We have half as much of Valie (25% v 50%) so this would see our share valued at $17.5-20m based on these broker assumptions. $20m is approximately 5cps (390m shares on issue).
MEL also hold around 40m BYE shares - worth circa $6m at BYE's current SP of 15c. This equates to a bit over 1.5cps with significant upside potential imho.
There is also a small cash balance, and interests in Cervantes, PRL211, and ATP 2020.
I think Vali has great potential to surprise on the upside, given that they are planning a six stage frac. Success also further derisks ATP 2021 and PRL211. Cervantes also must carry a decent value at this time.
Not to be taken as investment advice, but I see fair value as being over ten cents, if it flows how I think it will. I would be very surprised to see it under 6c.
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