End of Quarter Balancing?
Fair Value MDW? us$2.60 based on Pan projected eps. PAN expected production 81 Koz at $1200 AU is us$97.2M Rev's (EBITDA) Costs - Operating Cash Costs us$585, Total Production Costs $824 (incl capital) (Pan Feasibility Study) 3.2 MT's on the Heap Leach x 0.5 g/t is 50,000 oz rough 9.0 MT's eoy 2015 Full Year Earnings Pan 185M F/D shares us$0.13/share (EBITDA) x10 market multiple us$1.30 x20 market multiple us$2.60 ($1.56 after tax) What is the additional value for 1.049 Moz Gold Rock property being permitted? What is the additional value for 1.326 Moz Spring Valley project jv with Barrick in PFS? (25% is 331,500oz) To be conservative imo MDW should be valued at us $1.50, with projected full year earnings for PAN plus the additional value for the advanced Gold Rock and Spring Valley projects. Just a little Valuation Gap 4.5 times current $0.33 market pricing for end of quarter adjustments by the funds. Prime Takeover candidate? I would imagine Barrick has the inside track and looking at current us$60M MCap. Cheers, Mark (dyodd)