Undervaluation : 5% of NPV Management is undoubtedly busy determining how the resources left by Kinross will be integrated into DeLamar's operating plan. I estimate that we can expect at least US$90M in additional NPV which would bring it to 525M, taking into account the price of gold at $1900 for all of DeLamar. It should be noted that Stifel considers an increase of 70 to 100M in NPV following the exploitation of waste, which corroborates my estimate.
The PEA published in June for Wildcat & Mountain gives an NPV of US$432M, or a total NPV of 957M with gold at $1900, while Integra is currently capitalized at 51M and even +- 40M if we deduct the cash. Isn't a valuation between 4.1 and 5.3% of the NPV derisory when no particular negative element seems to affect ITR, the undervaluation seeming to find its origin in the negative sentiment towards the entire sector?