joes its quite simple... you are emotionally attached to tko... if you step back you can sea that the value of florence is 600 million ( 480 to tko)... that price was set when they sold minority intrest and stream.... that is current value... once florence starts producing it will get re- rated but that is 2-3 years off and still has considerable risks involved.... thats your first trip to the wood shed....
secondly if you want to look at the value of Gibralter and all the fcf it is making ( very little).... do the math for the last few years... tko added 150 mill in additional bond debt, did a 30 mill pp , sold the remaining silver for 10 mill , added 50 mill to their line of credit ( debt), announced a 50 mill ATM placement , and sold / streamed some of florence for 150 mill... that 450 million.... seams like a lot for a 200 million build .... now wear is all the cash from Gibralter? please let me know?
back to the woodshed...
bottomline.. tko is highly leveraged with a marginal mine.... florence is a good developement asset however has a fair amount of risk... it can be a decent swing stock, however not so much as late.... as copper goes up so will tko ( duh).... mite see 3.00 cnd this year...