Quick Valuation of FDP + Butia at 2 million ounces Gmin Toz Feasability Study for proxy .
2 million ounces of reserves grading 1.31 gms per ton
its after tax discounted Net Present Value5 at $2300 US POG is $1.34 Billion US which converts to $1.8 billion CAD , based on 2 million ounce Reserves grading 1.31 gms per ton, taking into account initial capex costs of $475 million US and an open pit , with waste ore comprising 75% of the ore volume within the optimized pit .
Fair value is typically at 0.70-0.75 of NPV which is about $1.35 Billion CAD, which, based on 2 million ounce Reserves , amounts to about $650 CAD per ounce of Reserves.
This does not include the extra costs of infill and definition drilling to convert 2 million M & I gold Resources to Reserves for FDP and Butia Combined.
I estimate such costs to be less than $25 m US .
Cerrito 500,000 ounces will be the growth option assuming no other economic discoveries.
This is rough scoping but probably within plus or minus 25 % of the probable range based on $2300 POG