I made a quick comparison between two heap leach stocks this morning, both of which are of interest to you; "XXX" versus MR but ignoring La Fortuna completely. I know you hate PM's so here it is on a public forum.
XXX has resources (including reserves) of 3,562,000 oz of gold. FD market cap is $603,944,183 @ $3.90 per share. However the balance sheet shows $51M in debt and a hedging book liability of $27M. Because we are using 100% of the quoted resources, these liabilities should be added to the FD market cap, raising it to $681,944,183. For every $1,000 of market cap there's 5.22 oz of gold resources.
MR's CSP resources, which include reserves, total 2,033,000 oz of gold plus 75,660,000 oz of silver. that's a total of 3,284,000 ounce gold equivalent at 60:1 ratio. FD market cap is $611,524,000 @$5.15 per share, so there's 5.33 ounces of gold equiv. resources for each $1,000 of market cap (@5.15 per share).
Caution:
It sounds hard to believe, and what seems unbelievable probably is so. |
