Looks to be done on a ~A$125/oz resource multiple. Granted there are some clear synergies for the Mergeco, it paints BDC as woefully undervalued.
Simply apply that multiple to our resource base, add a premium for the more advanced nature of our project (with reserves, not just resources) and subtract off a discount for the refractory nature of part of the mine plan.
We are currently trading at ~A$30/oz. Impossible to think that BDC is fairly valued at a $100m EV.
