Yes, that makes sense, CC. My 2c was on the pessimistic side. And with 417+ million shares on issue that could leave circa $10 million (depending on salaries and Chile and WA exploration costs), with AGS shares then worth around 2 cents or so on cash backing.
If Monardes is out, and there's been no recent mention of the Sierra Cinchado project , that leaves the WA tenements (Nepean South and Gundockerta South). These have a nexus of sorts with ORS's old tenements (now Gandel Metals), so in my view our biggest concern could be a repeat of the ORS story. The ORS IPO raised about $11m from memory (25c/share and no in specie for AGS holders). 5 years later ORS shareholders had a similar choice to AGS's: take the low offer of 0.0o55c/share from GM, or go bankrupt, and lose the tenements anyway to the mortgage holders. Gandel Metals (like twiggy with AYC) make sure they have a mortgage to cover any loans/notes provided - these loans quite small when compared with the shareholder money raised and spent to provide all exploration results.
A familiar pattern ?? ... Still, WA is closer to home so the expenses and business class tickets should be cheaper. And the company might even be able to flog off some Chile tenements to one of the mines close by.
Some news would be good. The website hasn't been encouraging since those long ago heydays. .. Enough from me. Just thinking aloud. Good luck everyone with whatever you hold.
AGS Price at posting:
3.3¢ Sentiment: None Disclosure: Held
