RE:see this video !!!this video raises many questions: my main question is WHY did we sell Tuckanarra to ODY for only $5mil?
Due to this purchase from MMY, ODY valuation now is around $20mil and was 2-3 times higher at times. Some bulshit explanation at the time of sale was that our MMY mgmt is prioritizing, and focusing on Selinsing and Murchinson, and can't handle additional financial burden...
Well, this rationale has proven to be wrong, for the record.
Tuckanarra was a great potential asset to keep for MMY in its portfolio, from the video it has around 320k ounces p&p reserves, similar to our whole Murchinson p&p.
Very suspicious deal, a gift to another company, and value destructive for us. If we are entertaining the possibility of any acquisition interest from WestGold or anybody else, the larger reserves&resources base in the same area the better...
If we were actively developing Murchinson and running out of cash and in dire need of selling highly complimentary Tuckanarra asset to keep the company afloat, this is one thing. But considering that Murchinson for now is only an option for future development, Tuckanarra with its double our Australia p&p would have seemed a good value to keep.