At 25c , that’s a fully diluted MC around $30mill, With $12-14mill in the bank. So EV closer to $16-$18mill or about $55 per oz. Given all the drilling going on, low capex and pathway to production in 2019. That EV seems very, very low to me.
Always darkest before dawn???
Ann: Change in substantial holding from LSX, page-9
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