SBS appears to be undervalued at current prices after quickly flicking through some recent information.
According to a recent broker report SBS has equity holdings in two TSX.V listed companies, Sunridge Gold Corp and Currie Rose Resources Inc. If up to date,they are valued as below;
Current exchange rate is 1.00 CAD = 1.15570 AUD
Sunridge Gold Corp (SGC.V): SBS hold 7.6 million
shares. Current price is $1.80 CAD or $2.08 AUD.
This equates to an equity stake of $15.808 million AUD.
Currie Rose Resources Inc (CUI.V): SBS hold 6 millionshares. Current price is $0.36 CAD or $0.415 AUD.This equates to an equity stake of $2.49 million AUD.
*This is a total equity interest of $18.298 million AUD.
*SBS has $4.4 million in cash as per today’s report.
*SBS has a current market cap of $40 million.
*SBS has a JORC compliant resource containing 760,000 oz of gold with the ability to increase their holdings of gold with an interest in the (resource estimate) 4.45 million oz Tusker gold deposit.
*SBS has had some excellent recent drill results.
*Anvil mining hold 18% of SBS.
So if we subtract cash and equity holdings from the current market cap, all this is being valued at only $17.302 million AUD!!??
Birdfly also indicates SBS have interests in zinc
And copper at their Bisha deposit!
What gives – this needs some serious re-rating!!
Trade safe!
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