Nobody is suggesting that the full 4-fold value is applicable now as clearly these projects are not identical and are at different stages. However Cardinal's land already holds significantly more proven resource, and potential given its size and proximity. For one, we have 6.5moz and growing in one place - one big deep hole to be mined for 15+ years (with approved renewable mining licence and permits underway). That means one CAPEX for 6.5moz or more - not two CAPEXs for two 1.5moz mines. For those of us who have been around for years on this, we can see Archie is taking us through the motions to developing a very profitable and large mine at Namdini, with surrounding high-grade exploration targets. The brokers seem to agree, placing valuations in the multiples of current SP. I don't suggest GF will JV or take us out in the next month or even next year, but it will happen at multiples of the current value and the major holders (who continue to hold their ground) know it. The background noise is irrelevant...
CDV Price at posting:
53.0¢ Sentiment: Buy Disclosure: Held
