Putative Value of GRAU 1.5 million ounces Mac has already updated the 2022 HD FS at $3700 CAD POG ( about $2650 US )...see current CP )
That HD valuation NPV5 after tax is $273 million CAD with a world class IRR of 113 % ( normal Peer is about 40% ).
Gold reserves at that time was 272,000 ounces which values those Reserves at $1000 cad per ounce.
Recall that those Reserves were converted from gold resources at 63,5% conversion.
At 63.5% Conversion rate, BRAU 1.5 million ounces would convert to about 900,000 ounces.
Plus, GRAU tailings pond contains 144,000 ounces of gold fines which can be cheaply recovered.
Ignoring the value of the copper byproduct , about 1 050 ,000 ounces of gold Reserves would be available to production, assuming a milling option is available .
Maritime has that milling option and the deep water port to transport that gold....the only monetization option available to GRAU.
That is, acquiring BRAU and its 1.05 million ounces of Reserves would have, based on the HD after tax NPV5, an after tax NPV5 in excess of $1 billion cad @ $3700 CAD gold price ( 1,05 million ounces times $1000 per ounce ).
This is why the only route to true value of GRAUs gold resources, currentky valued at $21 million cad, is via being acquired by Maritime and produced in
Maritime's gold mills.
The Combo , including Orion and Stoger , would have a after tax NPV5 in excess of $1.5 Billion CAD
Then, with Firefky, we acquire NFG ..