Dundee/OsinoI'm kinda surprised nobody else has mentioned the Osino takeover, so I will. The headline number is Cdn$287 million ( US $214 at .746 exch. rate). Half cash, half shares in Dundee. Osino had been trading in the $1 - $1.10 level with outside moves to 90 c and $1.20. The company is just about fully permitted for a mine in Namibia, probably the best address in Africa.
At Denver, the CEO Heye Daun was expecting to have a finance package complete by year-end, debt and a small stream, to be supplemented by an equity raise of undetermined size in the New Year.
The company has some exploration targets that could be interesting (recently 40 meters of 6 g/t) but the main show is the Twin Hills project: 3.1 million oz Indicated and Inferred, but "still growing". I think his Denver presentation said 250,000 meters of drilling completed. Production is supposed to be 175,000 oz/yr for first five, dropping thereafter.
Grade is 1.1 g/t and capex US$365 million for an after-tax NAV of US$480 million. So the grade is about 50% better than Troilus, and the resources about 1/4 those of Troilus. With 162-odd million shares outstanding, Osino had been trading at a market cap of Cdn$160-$175 million versus Troilus in the vicinity of C$100-$110 million. Osino had been expecting to start construction mid-2024, so let's say they were ballpark a year to 18 months further along the curve than Troilus.
If TLG were to snag a similar headline $ deal of $287 million, it would be a little less than a buck a share. I would dearly like to believe that the 12 or 13 million ounces in Quebec should command a higher price than US$214 million, but I also have a suspicion that the mining community is vastly more interested in gram+ ore than .7. But as metal has pointed out, Artemis is doing just fine, market-wise, with similar thin material. Anyway, this Osino deal shows there's some flicker of interest for viable projects.