Hi Gord.
Looking for Messina comparables.
PTX has a 42% interest in a PGM deposit in the Bushveld Complex. They expect a bankable feasibility to be complete in May . The project has known reserves of 11.1 million oz. of PGM's , grade slightly lower than Messina. PTX has less working capital than Messina , apparently less infrastructure in place. This is PTX's only near-term proven asset. Based on the foregoing , PTX enjoys a market cap of roughly $110 million. SUF has the bankable , a greater %age interest , higher grade, more working capital, more infrastructure , other producing assets and much more blue sky , and has a market cap less than $50 million.
Measuring apples to apples , if SUF's only asset was its 54% interest in Messina , it should attract a market cap of $150 million , or say $6 per share. (PTX is trading this a.m. @$6.20 on c. 18.5 million shares outstanding).
In-sane.
Regards. |
