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20/09/17
12:44
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Originally posted by plough
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I feel it would be sad for Doray to be bought out at around the current market cap , as I feel the mill at Deflector has many more years of profitable mill feed available to it , than the current 4 year LOM would suggest .
That LOM is not including Da Vinci which by my rudimentary calculations although very high grade with wide intercepts only has about 3 months of tonnage (100,000 tons by my calculations ) for the mill , using a block model based on the drill holes 45,51, 49 and 52 , obviously Da Vinci is open along strike and down dip however that open area can not be included in the mine plan
I wonder if the lack of recent hedging by Doray is also an indicator they are thinking about selling , seems strange not to hedge more at such a high $A POG .
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Re hedging, they are way over-hedged as it is @$1600. All of FY18 locked away.
Deflector is just coming good, but DRM is weak, so injured prey... 50% premium would value at MC $120mill. Reasonable bite for RMS if all script.