Ann: NST: Northern Star makes $150M offer for 49% stake in EKJV, page-30

Esh

NST are trying to buy the remaining share of the EKJV.... not TBR as a company..... so they are actually buying far more profitability than you are using in your figures. It's the per oz margin times the oz's produced. There will be no additional costs.

On my figures that is 110kozs at a $700 per oz profit giving $77M per year straight to their bottom line.

At a multiple of 25 that's $1.9B for the whole, or $1.45B for TBR's direct ownership.

Like you say, selling an asset for $150M that the market values in NST's hands at $1.9B makes no sense on any level.