Thought for interests sake I'd dig up my thread where I put a...

Thought for interests sake I'd dig up my thread where I put a value on WRGO and ERGO based on MLI's sale of Elsberg to DRD

Be interesting to see what their selling and for how much






Fundamentally its dirt cheap based on its recent sale to DRD of Elsberg which is part of the ERGO JV


Mkt Cap 700m shares@7= $49m
Cash $21m

The key to the valuation is that they sold their 50% interest in Elsburg which had JORC 170Mt'[email protected]/t Au + 0.004% U for $42m to JV partner DRD Gold

WRGO (West Rand) which they own 100% they have JORC 322Mt'[email protected]/t Au + 0.0045%U you do the math but based on what they sold Elsberg for WRGO is worth $150m at least

ERGO (East Rand) 50% JV with DRD, here they have a pre JORC Compliant Resource of 1.7Bt'[email protected]/t Au + 0.005%U and DRD is providing $15m of the funding, now again you do the math but this could be worth $400m based on what they sold Elsburg for