undervalued

From the annual report:

Asset:

Baita Mine
- $3.7million deposit on the purchase so far

Loan to others
- $1.6 million

Cash at hand sept quarter : $295K

Excluding Burkina Faso, the cash+asset backing of EDM is thus $5.4m or $0.003 per share

Now add in 40% of Dave East Gold, Burkina Faso
- PDI owns the other 60% with EV of $17 m.
This should have given EDM an EV of $11m for Burkina Faso, and should add another $0.006 to the share price.

If all else being equal (PDI+EDM), the SP of EDM should be at $0.009


DYOR