Quarterly report and latest presentation
This reads really nice.
For me what I read in ther latest presentation sounds like the want to avoid or at least reduce the convertible debt component to a minimum.
120mio cash
40mio from VGQ and CAA
80mio senior debt @ 6%
5mio subordinated or minor sale in Alderon
Personally I would prefer them to keep their share in Alderon and in their investment company with Paul van Eeden as I assume this to generate a higher return than saving the interest payment on the subordinated debt...
Saying they do generate 30mio let's deduct 6mio for interest payments leaving 24 for G&A, repayment of debt, exploration, acquiring new royalties and projects, buying back shares and of course (which I would not want that fast) paying a dividend.
And the joker is Alderon/Kami, I am not deep in their economics but if they really can get this going in 2016 and the company just reaches the value of about a third of the NPV in the FS this should be another 200-250mio of cash to deploy for Altius not to speak about the royalty.
Just my personal thoughts. DYODD
carinthian