Would be surprised if it pulls back to 3.20 for very long. No one seems to be selling large parcels.... Trying to accumulate more under 3.40....
Interestingly, Norwest quaterly estimates between 10 and 40mil from there 1.25% royalty. By my calculations revenue from Puffin is therefore estimated between 800m and 3.2Bil. Which would mean a considerable resource upgrade with little or no recoverability issues i would expect....
Based on estimated gross revenue and allowing 40% tax/op expenses (is this reasonable?) I calculate Puffin alone to be worth somewhere between $4.36 to $17.45....
Bring on the revised resource estimate announcement... Can't be far away....
AED Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
