Fun with numbersOn the ceo.ca board, I posted the following, worth repeating:
I have no idea how TD's valuation model works. For my own purposes, I like to look at the price I'm paying for a pound of copper in the ground. Using the out-of-date April '22 resource number of 1,500 million tonnes at .52% Cu I calculate 78 million tonnes of Cu or 171.6 billion pounds. With 155 million fully-diluted shares, you get 1107 lbs per share.
At $5 Cdn per share you have a market cap of $775 million. Divide by 171.6 billion pounds and you are paying 0.45 Cdn cents per pound in the ground. Repeat: less than half a Cdn penny per pound.
I did the same calculation about a week ago for Arizona Sonoran and Arizona Metals. Prices were a little higher a week ago...but still...for ASCU I figured you're paying 3.12 cents/lb and for AMC it's about 22.5 cents Cdn per lb. This ignores AMC's Sugarloaf gold property which looks interesting.
Getting back to TD's report, their model values War. Central at US$3.3 billion. Divide by 171.6 billion pounds and that works out to US 1.93 cents per pound. Either this stock is the deepest value you've ever seen or my arithmetic is missing some decimal places.