RE:RE:RE:One small issueMy valuation model is the most simplest but quite reliable.
Its the market cap to gold revenue which has always been in the 1,5 to 2.5 range.
Jaguar ( 90 m shares , market cap $300 million ).
It produces 60,000 ounces per year from an UnderGround mine at AISC of $1515 US.
It has 5 years of Reserves m replacing production each year by adding 60,000 ounces in new Reserves.
About $15 million in net cash .
We have about 325,000 ounces in current Reserves, so already have 5 years production at 60,000 ounces in reserves .
Orion has about 350,000 ounces adjacent to HD plus three other deposits with excellent opps to add more ounces .
These are open pits which have much cheaper all in cash costs than Underground mines...about $1000 US in late 2022 FS using the Nugget Pond mill.
In short, we will be able to generate at least 60,000 ounces per year for more years than 5 , much like JAG.
Hence , we should be able to trade at Jags market cap to gold revenues ratio of 1.75 which is about $300 million .
And 90 million post consolidated shares.,.same as Jag.
Which is consistent with my previous targets in the 25 cents to 30 cents range..
Or much more as current discoveries advance towards mineable reserves..