One finger exercise"Vacant shuttles weave the wind."
TS ELIOT - Gerontion
Let us assume that EC has 2.5mm oz Au (which is why I am here):
2.5 MMoz X $600/oz = $1,500MM/96MM shares = $15.62/share absent any consideration of royalty or tellurium, or what may be found at depth.
It can be argued that $600/oz is not realistic, but that is what G paid Glamis about 5-6 years ago when the POG was ~50% of present. It should also be noted that VGQs royalty on Roberto is not chicken scratch.
If you make a similar assumption for ES, assuming a 30% interest, ER's share would be ~$450MM or ~$4.69/share, again absent any consideration of royalty and at depth goodie.
All of this is assumption, of course, but that comes to ~$20.37/share for EC and ES alone-no royalty, no co-product, no consideration of at depth mineralization. Toss in another
.25/share cash and all of the other properties (including Eastmain) and what value do you put on ER? I continue to shake my dead geranium.
Kind Regards,
JA_P