EV valutaion - BLK vs DRM vs SLR vs BDR, page-71

Good work DF.

I think Spec pointed out earlier but if you want to compare GOR you need to account for the cost of building a new plant, otherwise the ratios will be incorrect.

Traditionally a 70/30 debt/equity split would be used to finance a plant. From memory GOR need ~$450M so probably 200M new shares and $300M in debt. You can check these numbers in their PFS.

You need to be careful using EV/kozpa as a production metric for the same reason I mentioned earlier. The reason some companies like to use this in presentations as it doesn't take into account for the quality of those ounces (ie their profitability). It makes something like SLR look comparable to DRM even though DRM's ounces will have a margin of $750 vs $500 for SLR. Of course the management and brokers who publish these charts know this but will pick the metric that makes them look most appealing.