wow!!

Troy takeover offer for ASX listed Azimuth Resources (AZH) This is a massive value reality check for the much maligned ASX gold space which should hopefully realise a higher Share Price for GRY in the near term.

AZH have been ascribed an implied valued by Troy of approx $188m. I do not know much about AZH but the cold facts are $5m cash and an Inferred only resource of 1.7m ozs gold. EV of $183m gives an valuation of $108 per resource oz in ground (inferred).

Compare this valuation with GRY which has Market Cap of approx $142m and cash and investments of approx $70m. GRY has 4.9m oz gold resource which includes major component of Indicated and maiden Reserve component. Bankable Feasability Complete also. Much more advanced. GRYs current EV is approx $72m giving an EV of $15 per resource oz in ground.

To compare apples with apples which this TRY takeover of AZH allows, using the same valuation metrics, GRY can be ascribed a takeover valuation of $529m Market Cap equal to $1.32 per share.

This takeover should give a spark to many undeveloped gold explorers/developers listed on the ASX of which GRY is surely front and centre. This is big news for GRY in my humble opinion.