They have around $53m after the raise and 7.1% of PNR (100m shares) valued at $21m
PNR cover the first $50m of exploration under their JV arrangements ad to date have spent around $33m. There 7 rigs drilling so assume they will be getting closer to fulfilling this commitment.
With an EV here of around $87m it seems very cheap for their 50% share in 4.2 million ounces nearing production. The IRR came back at around 90% from memory so should be a future cash cow.
Anyway, it'll do what ever it will do but mid term I see it as cheap ounces at around $40/oz based on EV
TUL Price at posting:
60.0¢ Sentiment: Buy Disclosure: Held