RESOURCES UPDATE TML has just released an update to its resources. Nothing spectacular: an increase of 9% for the measured / indicated and 48% for the inferred and overall + 17% the total going from 2.493M ounces to 2.921. However, this update is based on 41,000M of drilling so that there would remain 19,000 of the 2021 drillings for which results have not yet been received, while an additional 25,000M are scheduled for 2022. These drillings contribute to better knowledge of the deposit so that it is likely that future exploration results will remain positive. Unfortunately, they will not be considered in the PFS which is ongoing and is expected to be released in Q3.
In its very recent presentation, TML reports a valuation of $40 per Measured and Indicated ounce for a comparative average of 147 and a P/NAV ratio of 0.30 for an average of 0.56. In the sample of 12 miners (positively oriented of course), only Integra seems even less well valued with $32 per ounce and 0.26 P/NAV. Both TML and ITRG are at the same stage of development (recent or imminent PFS), but TML already has the exploitation license for Goliath, which could at least partially explain the lower valuation of ITRG whose shareholders remain on a disappointment about the PFS just released, while those at TML are no doubt starting to recover from a February 2021 PEA which now strikes me as having been very cautious, but let's wait for the PFS....
What do you think ?