"If we are comparing to AQG then you say their net debt at 31Dec18 is $US205mil, although I have it at $US245mil being $US350mil drawn facility less cash $US105mil - I have no idea where you get $US205mil from."
Yes sorry it was an typo error (dropped the 4 in 245) that carried through from my calculator into my post.
AQG's net debt is much higher, as you say, at US$245 million =A$344 million which increases the figure I calculated for AQG's EV to CAD$1,309 million. That's almost exactly the same as the best case NPV for total sulphides (nested pits) at US$1.300 gold of a little over CAD$1,300 million (from the Copler DFS) and CAD$219 million over the worst case NPV (at the same gold price) of about US$820 million (CAD$1,090 million).
Thanks for that correction. AQG is fully valued against the best case NPV (at US$1,300 gold) of the Copler sulphide project from the July 2014 DFS (see Figure 16-2 on page 229 of this study)
As I said a bit rich considering the company is carrying A$344 million in net debt and the project is still in the commisioning stage and has not yet reached commercial production with only 80% of operating time having been achieved in the last 2 months. The market really likes to pay value forward doesn't it? I haven't read the DFS in its entirety but I assume those NPVs included the yet unpaid CapEx obligations for the building of the expanded tailings facilities the project will also need. Esh
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