Ann: High-Grade Drill Results at Da Vinci, page-65

@flaming

i dont understand your post on a valuation basis - superior peers trade at 8-10x gross margin/enterprise value (ie thats multiple you are paying to buy the gross cashflow - ie how many years it takes for company to generate its EV in gross revenue. this removes cash position from the equation and doesnt factor asset values - based on current aud spot price)

DRM trades at 3.3x

by comparison
SAR - 9.5x
SBM - 7.9x
EVN 7.7x
RRL 8.5x

I can see an argument for buying higher quality as a defensive play or for lvg of larger operators if you expect a bull run in aud gold - but there isn;t an argument that they are cheaper on a cashflow basis.

MOY and SLR are peers - no quality difference - MOY is on 5.8 but if its hits plan would be on 2.6x

So i dont see your reasoning immediately