Is SFR too expensive?From what I can work outCGG market cap...

Is SFR too expensive?

From what I can work out

CGG market cap $1.2B
SFR market cap $1.05B

CGG measured and indicated copper 687kt
SFR indicated and inferred copper 600kt

CGG has 70% ownership, but is paying $115m for 100% ownership.

So, yes, SFR is a little expensive, because a t/o premium of 20% would make it a $1.2B t/o (same as CGG) for a smaller resource. But the difference is not much. (As OZL holds 20%, we would only need to purchase $800m, or $960m with a premium. (In that respect SFR is cheaper than CGG).

So, in answer to the ?, the data would suggest no (based on the CGG/EQN transaction.

HT1