CY5 151m fp + 38m opsat 20c = 30m mc, with 6m cash = 24m EVStage...

CY5 151m fp + 38m ops
at 20c = 30m mc, with 6m cash = 24m EV

Stage 1 Earn-In (51%):
• Spending C$4,000,000 over 18 months comprising:
• Making a cash payment to Stria of C$2,000,000 at the end of the Stage 1 Earn In

Stage 2 Earn-In (up to 70%):
• Cygnus to spend a further C$6,000,000 in 30 months after satisfaction of Stage 1 Earn-in; and
• Making a cash payment to Stria of C$3,000,000 at the end of the Stage 2 Earn In

So they have a EV of 24m , and still need to spend to earn in, in a less advanced asset than we have,

WR1
143m FP x 19c = 27m mc - 13.5m cash = 13.5m EV.

The new kid on the block, has 2x our EV. And doesnt own it yet.