Hello bbg. I'm thinking a fat percentage of the Npv for...

Hello bbg. I'm thinking a fat percentage of the Npv for starters, but probably not 100%. But, add to that...

*Ongoing integration of Tandayama into the mine plan. It's not a worldbeating deposit, but it's right there. The earliest few years of the ore are decent, and to run that through the plant while the cave is being built then ramped-up, will move the needle somewhat imo, as well as act as insurance against construction delays. Maybe a 10-15% Npv uplift, as a guess. Would they bother blending it after that, but with a larger plant? Not sure.

*The next 30? years of production after the current mine plan have to be worth something to a long-lived major, and a buyout price needs to reflect this somewhat.

*The regional exploration properties are pretty sweet, although hard to value. Any deal or purchase could be structured in any number of ways, but an example that comes to mind is Kingsrose's exploration deal with BHP, where they've committed 10's of millions to explore a very early stage prospective district. Times that by 80 properties? No, lol. But there could be surprisingly chunky offers for all or part of the portfolio.