Implied Valuation
I guess the AMK buyback had to be extinguished - the value to them depends on what the compensation to the royalty-holders would have been if the buyback became exerciseable. Now it’s just a historical footnote.
More interesting to me is an implied valuation by TUD management of the whole of TC based on the implied price paid of $11.5 million.
One aspect I don’t understand is whether or not AMK and TUO are required to cough up 40% of the TUD shares paid as their share of the TC JV.
So If a stream of a 1% NSR has an approximate NPV of $11.5 million (assuming Goldstorm was covered) , does that imply 99% of Goldstorm would be valued at a NPV of $1.14 billion? That seems a little thin to me, backing it out by 20% divided by the fully liquidated TUO float.
An NR from TUO explaining the impact would be helpful.
cg