I hold both and I consider that IGR is overvalued compared with TRY.
The difference is that IGR claims 1.8moz vs TRY's approx. 765Koz.
However, IGR gets valued at $144m for their as yet unmined resource, whereas TRY gets valued at $53m (after taking out their cash). So, IGR is valued at $80/oz vs TRY at $69/oz.
TRY has no dilution in the future and minimal execution risk, with a highly experienced development team, whereas IGR has at least one more capital raising and no production until 2010.
TRY will probably make pre-cap. ex. cashflows of $10m-$20m this calendar year, whereas IGR will make zippo.
TRY simply does not get recognized by the market at this time for its quality. However, you wouldn't say that was always the case:
[PS. My estimate of TRY's resource is based on: Mamao 275Koz; Sandstone 30Koz; Caposo 460Koz.]
TRY Price at posting:
$1.29 Sentiment: Buy Disclosure: Held
