Eine sehr interessante Sichtweise :-) würde mir gefallen!
How much is the Silver Creek project worth today? Because the project is not in production and no feasibility studies have been prepared, the only way to estimate the value is to find out what other development and exploration companies would be willing to pay. To do that, we need to find comparable properties of a similar size and stage for which deals have been recently entered into.
One such deal was recently done by Kobex Resources Kobex has an option to earn up to 50% interest in the Lucky Jack molybdenum deposit 30 miles north of Gunnison, Colorado, or about 100 miles north east of the Silver Creek property.
From Kobex' web site:
"The Lucky Jack Project is a high grade primary Molybdenum deposit with a substantial historical resource of 220,166,669 tons grading 0.366 % MoS2 which includes 22,586,311 tons grading 0.701% MoS2 and is considered a world class deposit."
Roughly put, 0.366 % MoS2 works out to be 0.215% Mo bringing Kobex' Lucky Jack in for a total of 946 million lbs of Mo. Using Anaconda's estimate of up to 198 million tons, Bolero's resource at an average of greater than 0.30% Mo, is 1.2 billion lbs making it over 25% larger than Kobex'. Also, note that Kobex cutoff was 0.20% MoS2 (0.12% Mo) while Bolero had used 0.20% Mo.
From Kobex' web site:
"To earn initial 15%, US $15 million in expenditures must be spent by Kobex.
"To earn additional 35% a total of US $50 million must be spent within a 10 year period from the effective date of the agreement.
"Kobex can increase it's ownership to 65% by arranging 100 per cent of future financings."
Based on the initial expenditure for 15% and not allowing for additional value created by the $15 million work, Kobex is valuing the Lucky Jack project at $85 million today. Using the relative reserves and assuming both projects are more or less at the same stage, the Silver Creek deposit is worth $106 million ($85 M X 125%) at the stage it is today.
Backing out the $10 million acquisition cost, this deal adds almost $100 million of value to today's market cap of under $50 million.
BRU is very undervalued. Expect big moves upwards as the November 16 closing date draws near.
theNumbers
|
Thread abonnieren
