Maybe can compare to something like KIN, but even then KIN has a MC of $55mill. I don’t see why it’s worth 2.5 x EGA. KIN is probably undervalued as well, but they just raised $10mill and got a $35mill loan. EGA would be raising similar amounts, although the CR part is likely to be the exercise of the options in March. That should raise about $10mill, with the rest of the project financed via debt.
ASX's most undervalued Gold Stock, page-48
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