RE:SellingAgreed. Not a major position but I bought quite a few in .30 area all from RBC in large lots.
Anyone who is long should go look at Orvana's market cap which is currently $CAD 40M or $USD32M less their net debt - which was $USD ~20M of cash only at Mar 31 for a $USD12M enterprise value!
Working capital is roughly $20M which inludes $USD ~20M of cash so no working capital adjustments are needed here.
ORV's major liablity is decommissiong liability for $USD 20M of which $USD 5M is potentially near term for their Bolivian mine - but they have $USD 4M of restricted cash set aside for this I have not included in the $USD 20M of cash used for net debt.
Basically restricted cash covers Bolivian mine closing leaving the only major liability for ORV which is $15M for EVBC but in reality this mine will continue for a decade so this liability is 10 years out.
AISC higher than gold price today but show me another 100k au-equivalent ounce gold producer with a $USD 12M enterprise value....Huge buy here and easy double if gold goes to $1300 by end of the year and multi bagger if gold breaks out longer term.
$USD 12M enterprise value. Enough said!