er
ER fully diluted market cap about $100 mil. Their cash is over 20 mil. That's an enterprise value of less than 100 mil.
They have 2 million ounces of average to high grade gold. That's about $50 per ounce in the ground.
I think you have to figure this thing to be a buy. Sure Clearwater may be nuggety or whatever, but let's face it, just about every new gold deposit that someone tries to mine turns out to have challenges. This will all come out in the wash as fiat currency devaluation leads gold to every higher levels.
Where can you get decent gold in the ground for $50? You can probably get some low-grade porphyry for $10-20 per ounce on deposits that will take $5 billion to develop. No one will ever be able to get financing for that kind of gamble.
Clearwater is in close proximity to infrastructure and Eastmain Mine will be right on a provincial highway once it has been built.
Yes I was negative about ER some weeks ago but one has to keep an open mind.