PDG/GBB3.5 Moz @ 1.0 g/t au.. 60% Indicated / 40% Inferred. $30 M in the bank, market cap of $195 M @
.75 cents or enterprise value of $165 M after cash. Feasability underway and PEA done showing a 165k oz / yr operation so their gold in the ground is worth $47 / oz. Personally I think PDG is undervalued compared to its peers with resources this large and FS studies underway but for purpose of comparing to GBB we'll take a look. GBB has no FS underway nor a PEA so only fair to give a 20% discount to GBB's evaluation per oz including grade differences. $47 X 0.8 = $38 / oz. GBB has 190 M shares fully diluted for a $38 M market cap and $5 M in cash for $33 M enterprise value. Based on a $38 / oz valuation for ounces and 2.5 M ounces GBB would be worth on a comparative basis $100 M or
.52 cents a share. I think the more fair comparison is SPA (Spanish Mountain) who also has a FS underway but their grades come in under 0.8 g/t au and are more comparable to GBB. Based on SPA' and 2.5 million ounces - we are worth
.50 cents +.