$6billion in ore value identified in four projectsWith the Bannockburn drill results just released this morning, my back of the envelope calculation shows 50mm tonnes (700m strike x 100m width x 250m open pittable depth x 2.8 specific gravity) at 0.28 % Ni. which totals 2.7 $B in ore value. GRDM now has over 6 $B in ore value identified in four projects, yet the market is only assigning GRDM an enterprise value of 3 $mm, and these are all battery metals, to boot. Seems bizarre.
Ore Value Calculation
| | Price
(US$) | GRD
Mayville lithium (4 mmt ) | GRD
Bannockburn
(50 mm t) | GRD
Mayville Cu
(33 mm t) | GRD
Makwa Ni
(7 mm t) |
| | oz/lb | % | $/t | % | | %-g | $/t | %-g | $/t |
| Pd | $1800 | | | ? | | 0.14 | 9 | 0.36 | 23 |
| Pt | 1000 | | | ? | | 0.05 | 2 | 0.10 | 4 |
| Au | 1800 | | | ? | | 0.05 | 3 | | |
| Cu | 4.00 | | | ? | | 0.45 | 36 | 0.13 | 10 |
| Ni | 9.00 | | | 0.28 | 50 | 0.18 | 32 | 0.61 | 108 |
| Co | 20.00 | | | 0.01 | 4 | | | 0.01 | 4 |
| LiO2 | 4.00 | 1.3 | 100 | | | | | | |
| Total ore value $/t | $100 | | $54 | | $82 | | $149 |
| | | | | | | | |
| Total deposit ($B) | $0.4 | | $2.7 | | $2.5 | | $1.1 |
| | | | | | | | |
| GRD Market Cap | $12mm | | | | | | |
| Cash | $9mm | | | | | | |
| Enterprise value | $3mm | | | | | | |