Auszug aus dem Loeb-Report zu finden unter http://www.tournigan.com/i/pdf/LAResearchTourniganGold.pdf
VALUATION The valuation of a pure exploration company is a very speculative matter. At present a value based on widespread industry conventions can be assigned to the Curraghinalt resource (255,000 oz Au in 468,097 t at a grade of 16.96 g/t Au using a 6.0 g/t cut off). However added value lies in the possible extension of the veins and the exploration potential of the surrounding properties. The Company has signed agreements on a significant portfolio of properties in Northern Ireland and El Salvador, which can only be speculatively valued. Tournigans’s recent announcement regarding Kremnica should justify a revaluation of the Company in light of an acquisition cost of roughly US$0.33/oz Au. At US$9 /oz for the Company’s attributable resource after earning 75% of Curraghinalt and US$9 for the Company’s Kremnica resource this gives a value of C$15.5m or C$0.59/share however without giving any value to the extensive exploration licences in Ireland, Slovakia or any of the properties in El Salvador. We have assigned a nominal conservative value of C$3m for the Company’s exploration properties and this results in a market capitalization of C$18.5 or C$0.70/share fully diluted. Tournigans’srecent news regarding Kremnica should justify a revaluation of the Company. These valuations are very much dependant on the ability and willingness of the Company holding the assets to develop them. To Tournigan, Kremnica has value because of that willingness; to Argosy, despite sufficient cash, it was worth little because of lack of willingness. Thus, the valuations given to exploration companies must encompass not only geological merit, but also the capability and willingness to drive the projects forward, both technically and financially. Thus, the market will value the same asset in different hands differently.
Attributable oz US$ / oz Value C$
Fully Diluted Shares 26,172,346.5
Curraghinalt (75%) 191,250 9 C$2,295,000 Kremnica 1,100,700 9 C$13,208,400 Exploration C$3,000,000 Total C$18,503,400
Value per Share C$0.70 (entspricht ca. 0,45 €uro) Damit könnte ich auch leben, müssen ja nicht gleich 2 €uro werden! |