SPR is increasingly reminding me of a gold stock I invested into...

SPR is increasingly reminding me of a gold stock I invested into 15 years ago called Andean Resources (AND). It had a project in Argentina called Cerro Negro and was taken over by Goldcorp in very late 2010 for $C3.6b and now held by Newmont in a 2019 TO. AND did not have a plant but had secured finance to develop the project and has put out 2 FSs showing great financial returns. It has a resource of over 7m oz AU and produced 400k Oz pa and first production was in 2014. I did very well out of owning AND 15 years ago and only sold out when it was taken over.

It it very much like SPR:

1. High grade gold deposit - before it was taken over its MRE was 3.6m Oz @ just over 7 g/t Au split between indicated of 2.78m Oz @ 8.84g/t and inferred of 0.82m Oz Au @ 4.27g/t
2. Substantial SP increase (see chart below) as it progressed the increase in MRE at a high grade with great drilling results - note the fall in SP around the GFC when POG fell by circa 30% only to come screaming back to reach ATHs - the TO was at a price above $6.5. The Vein Zone, Eureka West and Bajo Negro were the 3 deposits.
3. A booming gold price except for a period around the GFC which obviously pushed up gold stock valuations.
4. Potential TO of SPR - SL stated to me last week that Dalgaranda belongs in a major's portfolio - I interpret that to mean that SPR will most likely be taken over by a major gold stock (RMS is NOT a major) at some point in time

SPR is at an earlier stage than when AND was taken over. If SPR finds another Pepper or NN then I will not be surprised to see SPR taken over by a major gold producer in 2025 but the SPR SP will be a lot higher by then due in part to the possibility of a much stronger POG. By then it will be far too big for RMS and all other Aussie listed gold stocks with the exception of NST and EVN.