Thanks for sharing.
Shame the author doesn't attempt to compare the value of an explorer like BGL to other explorers. His rationale seems to stem from all the gold producers apparently being expensive...but only considers the historic PE ratio Of course the gold producers look expensive on a FY19 PE ratio, however once they report FY20 results soon the PE will look much more reasonable. E.g. I calculate SAR to be on a FY20 PE of approx 13.
Some relative valuation by EV/ Resource/Reserve, as well as estimated ASIC and capex, would be more useful, IMO
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