RE:Valuationrecently heard about CoreGold and asked by a buddy to have a look, was told it's a 6Moz inventory with production, but only seeing a 2.1Moz inferred resource? New to thread so keen for any feedback? or info missed? At a glance, reasonable land positiion and jurisdicition, CGLD has ~160M bits of paper? so currently appox CAD$29M market cap?
CGLD have 2.1Moz resource, no measured or reserve, with a ~CAD$29M Market Cap, so pulling a $14 per ounce value? (high valuation for inferred). as for production - mining with no reserves at US$1,547 AISC. No cash, no reserves, and an opertion slowly bleeding? Haven't dove into books to look at debt and assess an enterprise value, as it currently looks well overvalued? 70 cents target launches to over $50 per ounce? will have to read up on merger.
Just comparing to Harte (which also looks interesting). Harte have a CAD$160M market cap for ~1.7Moz of gold? so just under $100 per ounce? Harte have a reserve and raising cash, and with Harte ounces being about twice the grade of the CGLD ounce. A more reasonable valuation for reserve ounces (but haven't looked at EV yet). First quarter production was over US$1,300per ounce AISC? (hopefully just start-up headaches for them). Room to move up with Harte if mining costs reigned in? Harte also exploring.
On CGLD exploration upside, Just having a flick back through CGLD releases - see indications of 17,000m of drilling planned over last couple years, but only find 2,000m of results, which look encouraging. The rest dusters, or not drilled?