RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:SpinCoIt doesn't matter
What matters is that SpinCo is currently printing cash with gold at $2,400 while nominal value is based off $1,900
That's a profit of $500 US per ounce with 100k oz production you are looking an earnings of $50M US while nominal market cap is around $60M US which is also the EV because it comes with zero debt and $10M cash. Why don't you look at comparable valuations based on earnings to enterprise value and get back to me. Last time I checked we are anywhere between 5 and 10