SBM-Atlantic Gold Acquisition Analysis, page-2

I think you summed it up with this "The company’s increase in its production and a lower projected AISC will make it undervalued, despite a clearly overvalued acquisition. "

The acquisition is a good one is the sense that we will deliver greater profit per share in the future by lowering costs and increasing production but we did pay too much (for what we currently know about the project area). The market seems to be grappling with that. When you look at the good vs the bad, the good far outweigh the bad (which are all short term issues).

We now have a pathway to >500kozpa with a very low cost base. This increase in production and the increase in absolute profits will make us more appealing to larger investors and when the dust settles, we may be able to command the same valuation multiples as EVN and NST. We have long life assets, they're low cost and there's huge exploration upside yet we trade on very low valuations. Insane at these prices.