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Strategies & Market Trends : Ride the Tiger with CD

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To: dara who wrote (310812)	8/8/2025 12:40:30 PM
From: LoneClone	Read Replies (2) of 312688

I did a little more poking around about the properties MAI is acquiring. Pan's production is so small that neither CXB or EQX broke it out in their quarterlies, but it is hard to imagine CXB continuing to operate Pan if it is losing money. I did find some tidbits in an analyst report on EQX. BMO's model for EQX assigned the properties they sold to MAI a NAV of $338M, comprised of $192M for Pan and $147M for Gold Rock, a nice multiple on what MAI is paying for them. I also trust MAI's management's ability to make Pan run more efficiently and profitably. LC

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