GCM valuation...simplified:
marketcap 400 milliopn USD
--cash appr. 100 million USD
--Aris (Marmato UG + Juby) >100 million USD
--Denarius+ Western Atlas 25 million USD
--world class Toroparu 200 millioin USD
------>you get Segovia and its 100 million USD cashflow p.a. for free .... + the valuation upside from all the other holdings+projects ... insane