RE:Broken in pieces if sold Very poor analyzes shifty.
Point Rousse mill had little residual value for Signal , as they were permitted for just 6.5 months of mining left at Stoger Tight unless they invested more exploration capital to explore Stoger, Pine Cove and Deer Cove.
Capital that they did not have.
So, the Pine Cove mill had little utlilizable value left for Signal.
And, there was little interest given the market for penny gold stocks
And by late summer 2023 it was obvious that additional funds were desperately needed for Goldboro
So, Maritine squeezed the turnip and got a great deal .
Replacement value if ultilizable
Mac in his recent video stated that the acquired Point Rousse assets are worth over $100 million.
You cannot replace a 1400 tpd mill, a Deep water profitable port , massive supply of crushed aggregate, 15 year permitted Tailings facilities and polishing pond and potential gold fines revenues from the tailings pond and aggravate wash, over 40,000 ounces of above average grade Gold Reserves at Stoger Tight, plenty of space of expand gold and copper processing facilities , and a mill that can process both the current 10 year LOM of HD plus toll milling of NFG high grade deal which was made ( wink ) just weeks after the Signal deal closed.
Plus.
The Pine Cove mill can process copper concentrate and base metals and is just a few gunshots
from Fireflys Ming Copper mine and avaikable for processing potential Massive VMS( Buchans style ) and Copper-gold-silver-zinc advanced project discoveries that did not exist for Signal .
And, Maritime can consolidate its Nugget Pond gold mill components within the Pine Cove mill enabling refined gold bars to be produced ( gold dores are about 85% gold ) which will add 10% to mill productivity , while expanding its processing to 650,000 tons per year plus, in unison with Firefly consolidating its Nugget Pond copper plant to be near the Ming mine, including the copper circuit of Maritime's Nugget Pond Gold mill enabling parrellel processing of both copper and gold .
To say nothing of Maritime's long term strategy of bulking up to become the Hub and Spoke of metal processing in NL with the foresight that other stranded gold deposits like the Hope Brook
resources will find it cheaper to toll mill than costly investing in new mills and infrastructure .
All for just $7 million , which we will quickly recover and more by producing the fully permitted Pit 278 of Stoger Tight just another few gun shots away from the Pine Cove mill now capable of
producing refined gold bars .
And, make Maritime the most desirable cash flowing takeover Lady in Atlantic Canada.
You must remember that in 2021, Sprott Media did an early analytical FS of the HD mine including the satellte deposits like Orion which resulted in a 9 year LOM averaging 59,000 ounces per year at a modest gold price using the much more expensive Nugget Pond Gold mill.
Discounted NPV, if I recall correctly, was $251 million which at peer 0.6 NPV value MAE at $150 million or $0.30 per FD share .
Add $60 million for the Point Rousse assets at 0.6 NPV of $100 million and we now have a good idea as to what any buyout might be worth
AIMHO