From latest Euroz note 6/11/23now we learn why GAM sold early...

From latest Euroz note 6/11/23

now we learn why GAM sold early and seemed cheap

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Confirmation of MinRes purchasing GAM's 15% (diluted) stake at 85cps, comes as no real surprise given the media speculation and significance of the discovery to date.

Interestingly in the Share Purchase Agreement, GAM are entitled to a 50% premium if MinRes decide to launch a takeover bid over A$1.00/sh in the next 12 months

.Action

Our Price Target is now based on 65% of the 100% project look through value of AZS. We believe that WC8 tonnes are worth a premium due to: mining licence ⁄ permitting, known logistics and simple ownership structure.

If you owned AZS we believe that the same investors should own WC8.

We maintain our Speculative Buy and increase our Price Target from A$0.96/sh to A$1.33/sh on the back of continued de-risking through exploration success (fully dilutes for perf. rights, options and ongoing funding etc.).
Our Price Target assumes investors will continue to speculate drilling defines an economic orebody. Key risk is ongoing exploration success.