Forward Projext Valuation of Monumentng FloatationMonument is a holding company ( ie multiple assets) similar to an investment bank.
All holding companies suffer from a significant investment discount.
Usually trade at 60 % of net asset value , but can be much more.
Full maximization occurs either by selling each asset separately or unlocking value by spin out the assets.....OGY is a great example of this.
In the Table below, I use peer proxy cash flow multiple to forward value production metrics of each of the projects at $1700 POG.
I am assuming that Peranghi oxides along with new oxides from Drill discoveries within the walls of selinsing pits, and will ramp up to 25,000 ounces over the next year.
Selising Floatation is taken from the 2019 Sulphide Feasability study and Murchison is taken from Kentors Production guidance.
Current Book value is approximately$0.50 per share.....
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| Project | Production (Oz) | POG | Cash Costs | Cash flows | Cash flow Multiple | Valuation | Confidence | Stage |
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| Peranghi Oxide | 25,000 | $1700.00 | $606.00 | $27 m | 6.3 | $170 m | Very Good | In Ramp-up |
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| Selinsing Floatation | 45,000 | $1190.00 | $657.00 | $23.5 m | 6.3 | $150 m | Very Good | Q3 2022 |
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| Murchison | 24000 | $1700.00 | $1000.00 | $17m | 6.3 | $105 m | Good | Q1 2022 |
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| Burnakura JV | | | | | | $25 m | Very good | Current |
| Combined | 94,000 | | | $67.5 m | | $450 m | | |
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