MRE now at 401k oz, additional 38k oz from drilling and 56k from lowering of the cut-off grade.
246k oz in Indicated. So what, say 300k oz over 5 years in the DFS? AISC $950-$1000? Capex $40mill? $30mill debt + a small CR to get into production.
Sitting around $62 EV/oz valuation at the moment. That should go up as the project is de-risked and exploration is ongoing and at an early stage on rest of the strike. Woodley's/Woodley's East and lenses all open at depth.
Downside seems limited, even if it can't seem to move higher.
EGA Price at posting:
29.0¢ Sentiment: Buy Disclosure: Held
