What is Fair Value: My Sum of The Parts Analysis…There is so much hidden value here, Given the Q4 MD&A and F/S have come out I have done some digging and this is what I get to. Would love to discuss this further with anyone who has an opinion on it because as a company without the development of the Minago Frac assets I don’t see how the business works as a stand-alone entity.
Assets:
Minago – Frac Assets $44,000,000 (Based on low end of recent Frac Assets purchases of $4.00-5.00/per ton)
7P Wash Plant – $6,500,000 (400,000/annual production)
Bear Coulee(Option) - $5,000,000 (Value-add from wash and resell of bought Frac Sand)
Nickel Assets - $12,000,000 (Lac Rocher and Mel Properties)
Total: $67,500,000 CAD
Liabilities:
Loans & Borrowings – $16,000,000 (8,000,000 will need to be refinanced Jan '18)
Other Liabilities – $9,300,000
Total: $25,300,000 CAD
Equity: $42,200,000 CAD (Shares Outstanding – 92,370,968)
Value Per Share: 0.46/share (Current share price 0.06/share – 2017 could be a big YEAR!)