Humble
Good point which is why we are discounted so much I guess.
Reserves are 35MT - 7 year mine life @ 5MTPA
This doesn't include Bonnie East - announcement the other day - infill drilling has additional DSO. Infereed resource stands at 8.6MT - Resource Estimate was 12.6MT.
Bonnie east could add another couple of years to mine life.
$100M of cash in June and 9 year mine life of high grade DSO I get roughly these values
Worst case
NPV of project (8%)at $20 Margin - $180M = $1.78
Current
NPV of project (8%) at $60 Margin - $600M = $5.95
So we have a range of $2.70 to $6.95.
Current SP is $2.78.
Risk to upside far outweighs the downside due to cash on hand.
Upside
Takeover
Increase in Production /Mine life (benefication)additional discoveries
Buy Back if SP gets to low
Dividends
Downside
Markets collapse - by back could cushion this effect.
It could also present opportunities due to other companies funding projects.
All IMO Though but as a hedge bet, given the market conditions, it has to be up there.
This is not invetement advice. DYOR
Cheers
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