The company picked up lithium as the gold assets were going nowhere. They largely sat on a 2013 signed MOU to move towards a broader deal, in hope they could wait out RG (cynical summary). After years of the SP falling and them doing nothing, they decide to recap and chase lithium, which is all of a 4 month story. If there was so much value in the gold asset, it would have been properly worked on by now. Spinning it out is unlikely to change that as it will be a separate company worth nothing if the management chase the same strategy (much like the old BGS), otherwise it will need a lot of cash to get it moving forward in a new direction so that added value from separation will be diluted by an associated equity need. Very hard to call arbitrarily that there is more value at this point as separate entities, especially if the same strategy is maintained by the new entity.
If, as alluded to in a recent announcement, that a deal of some sort is close (i.e. the Morila toll option, low CAPEX), then holding onto it and getting the cashflow from gold sales will be more valuable to BGS in its current form as it could practically eliminate any equity funding needs to get Bougouni through to Li production. Reduced overall dilution, thus more shareholder value by holding onto it than separating the asset in my view
What exactly is your point. If the gold has a good chance to transact, it doesn't have to be separated to max value for holders.
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