RE: Pretty Much All UpsideActually the cash potential here is $380 million( with another $100 mil raised from the in the money warrants) and they have another potential $100 million lined up with creditors.
The market is valuing the Etruscan purchase at a 50 million discount to what it paid for it yet EDV was able to reduce cash costs by $200/oz at Youga with some quick fixes so yes the stock certainly is undervalued.
Looking at the project economics which were so so I think the Agbaou development project still needs some resource additions to be good candidate for development.
I think the big money will be made here based upon how effective they are at using the cash in acquisitions.
Right now, I would probably target financially troubled copper producer Nord Resources which probably can be purchased for $25 million with another $12 in capex for a new leach pit. If the mine is working at the level of its design the company would throw off around 35-40 million in cash flow per year for 16 years at current copper prices.