RE: ******** FDN & CASH Value of ARU **********or run a comparison with DMM, both are in Ecuador
DMM Dynasty Dynasty Jerusalem Jerusalem Zaruma total total
Gold Silver Gold Silver Gold Gold Silver
Category Ounces Ounces Ounces Ounces Ounces Ounces Ounces AuEq (M)
MEASURED 183,763 1,913,735 239,730 1,760,400 702,100 1,125,593 3,674,135 1.19
INDICATED 240,659 2,849,200 345,370 2,627,700 408,100 994,129 5,476,900 1.09
M&I 424,422 4,762,935 585,100 4,388,100 1,110,200 2,119,722 9,151,035 2.29
INFERRED 427,017 5,521,474 710,130 6,276,470 1,383,400 2,520,547 11,797,944 2.74
Spot Gold Silver
AuEq 736.5 13.39
Assume 1 M&I oz = 1.25 inferred oz
M&I oz 2.29
Inferred oz 2.74
Inferredeq 5.59
market cap 237.42016
Inferred oz 42.45
for ARU
42.45 * 14.05Moz = 596.42M
ARU's market cap 600M (I ignore the cash with DMM, so should ARU to be consistent, or you can run the number with cash yourself. I believe the number should be worse)
Share outstanding 133.2M
Value per share = $4.50
ARU is overvalued according to this comparison.