Using just cursory analysis, I like what KL SP says about possible VGCX value.
They produced 640K oz at $790 AISC in 2020 and current SP is around $47.
If VGCX does get paid for what's in the ground as BOD wants, then a $30+ price seems reasonable to me.
McConnell has recently said he still believes they will get to AISC <$1000. Assuming Raven is nearly as good as Eagle, it's reasonable to think they will produce just shy of 500K oz in the not too distant future, a rough doubling of the size of the operation.
Comparing KL at $47 and VGCX this way, puts the price between $30 and $35 in my mind.
Plus there is the Nevada thing and Banyan, simplicity of open pit, and still a big underexplored Victoria land package. With infrastructure, gov and indigenous on side. Finally there is scarcity of companies like VGCX right now. Not easy to find this many ounces in one, safe place, just starting production. It's not like the majors can easily pass on VGCX and buy something else like it, whereas there is lots of talk about how near to mid term gold supply concerns are driving the need for acquisition and the majors have cash.
It's hard to quantify how much "what's in the ground" will go for in this situation.
Super optimistically one could also argue that these potential buyers of VGCX are all gold bulls generally speaking, and most gold analysts suggest miners are still trading at historically low prices all things considered.
On the negative side, gold may go sideways or trend downward in the next few months, by which time stakeholders in the sale may want their money and complete the transaction set in motion on a 6-month timeframe. This puts downward pressure on the selling price, more towards what VGCX has "proven" as opposed to "probable."
On the other hand, a weak gold price may also cause stakeholders in the sale to agree to wait, which the agreement allows for. After all, if Coeur doesn't win the bid everyone including Coeur makes more money if this sale goes through when POG is higher....
Then again more and more voices are saying we are due for a broad stock market meltdown any minute, which may at least temporarily take gold stocks with it, sending the number crunchers on this deal back to the drawing board.
This is a real difficult situation to read.