Acutually ELY+DEX+EMX could built the next Franco-Nevada, if...only Managements would put their Egos beside and fully understand how pure royalty portfolios are valued and what a significant difference the number of royalties/acres of underlying assets in one company makes to the NAV multiple. don`t get me wrong: I see great upside in ELY, DEX and EMx compared to Peers and even with gold dropping again to 1250 or so (don`t think that`s gonna happen), BUT. Today: ELY 25 owned Properties + 33 Royalties + 3million can$ Net Cash DEX 19 owned Proterties + 18 Royalties + 5.5million Can$ net Cash
EMX approx. owned 50 Properties + 53 Royalties + 75million Can$ net cash
NOW, the best for Shareholders would defintivly be, and it`s a pitty there`s no real activist investor who would push them to do->
A 3-WAY Merger with no Premium
meaning EMX+DEX+ELy becoming one Company
Then Spin-Off all NON-Royalty Assets into one large global Prospect generator.
The Spin-off Prospect generator should grant to the pure Royalty Co a small 0.25-0.5%NSR on all its Prospects
In Effect there would then be 2 Companies:
A) "New Global Royalty Co"
With:
*198 Royalties
*80million in Cash
*about 15million in marketable Securities
B) New "Global Prospect Generator Corp"
*3millon cash
*94 Projects to partner or explore themselfs
YOu tell me what the Royalty Company would habe for a MArketcap, as a pure 198 roylties owned, company.
I bet my mother that certainly more than double the the sum of DEX`s EMX`s and ELY`s
Marketcap as seperate Companies today.
Well...only a dream
Cheers
Neststep
PS: from all the above mentioned i believe V.DEX - Almades Minerals is the Cheapest currently and a Strong Buy, ELY and EMX a Buy
Read more at https://stockhouse.com/companies/bullboard?symbol=v.ely&postid=30089600#1DiZiT7O96dmFLZh.99