Just keeping track
According to company literature (Q1 report) as of May 8 there were 298.2 million shares out 21.8 million options and warrants or 320 million shares fully diluted.
Subsequently, some 27 million shares were sold at an average $2.22. Simple arithmetic tells me there are now 325.2 millionn shares outstanding plus 21.8 options and warrants for a fully diluted 347 million shares.
Market cap is therefore about $642 million Cdn. Cash and short term investments amounted to $21 million at Q1 end and one should expect net proceeds of about 56 or 57 million from recent issue. Therefore cash should be $77 or $78 million. One should also factor in SOME level of cash proceeds re warrant exercise, for instance. I see mention of 4 million warrants exercisable at $1.93. A lot of options seem to be settled as stock appreciation rights, so maybe there won't be all the dilution as advertized. Let's whittle the fully diluted share count to 335 million and market cap to $620 mm.or $463 mm US and approx $58 mm in cash US.
So you're paying $403 million for ounces in the frozen ground. Is that 7 million ounces as per 2015 data or would you rather 10 million ounces to account for lots of subsequent drilling. If we compromise at 9 million, one is today paying $44.77 US per ounce in the ground. According to a Taylor Dart article on Seeking Alpha, "Generally, development stage peers in Tier 1 jurisdictions are trading for closer to US$45/oz, and well above US$50/oz for those in the Feasibility Stage..."
So my that measure, Sabina isn't comparatively cheap or expensive. It's average.
The story boils down to whether you as an individual stockholder have any faith that management will do anything more exciting than run ground geophysics in the next 2 years or so. Myself, I'm betting on Argonaut, market cap $450 mm Cdn pro forma their deal and expected production of some 235,000 ounces this year. More in future.