It looks like there’s a bit of an arbitrage opportunity happening here - TAW has a ~$71m Market Cap and a portfolio of several projects and the Bald Hill project owner, SGX listed AWA, has a Market Cap of ~$S149m (~A$139M at AUD/SGD FX of1.07).
AWA looks like a single asset company, Bald Hill, so given that TAW is farming in for 50% it would seem fair to say that they should be valued at roughly the same, with TAW’s earn in offset against TAW’s other assets, just for simplicity’s sake.
