Applied for and received an allocation in the dual listing/IPO. Seems ridiculously undervalued to me and obviously, to a degree, the jurisdiction plays a part (Burkina Faso).
However, despite political instability, Burkina Faso remains the fifth largest gold producer in Africa. Companies like iamgold (1.68b mcap), Endeavour Mining (7.68b mcap), West African Resources (1.35b mcap) and many others continue to operate without facing any detrimental geopolitical risk.
Silver Lake Resources (SLR) currently holds 11% of the company.
The Sanutura project has an existing resource of 2.9Moz (Indicated: 0.6Moz @ 1.9g/t Au + Inferred: 2.3Moz @ 1.4g/t) with an EV of US $6/oz, making it one of the cheapest (per oz) Gold explorers to be listed on the ASX.
With an existing resource and an intensive 50,000m+ program due to commence, Sarama looks like great exposure to a bullish gold environment.
Existing resource + low valuation + large landholding with strong geochem anomalies yet to be drill tested + quality management with African gold experience.
Any thoughts?
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