RE: Comparitive AnalysisThe following is a book value comparison for discussion purposes only and one has to bear in mind Aber is a kimberlite play and MOA / EET have alluvials.
Mountain Lake: 15MM shares out, 25% equity in the Project, no debt, 3MM reserves in Carats, $450.00 price per Carat, Gross revenue $1.35 Billion, present share price $0.53, revenue based on company's per share equity in the project (book value) $22.50
Aber: 55MM shares out, 40% equity in their project, $1.1B debt, 107MM reserves in Carats, $40.00 price per Carat, Gross revenue $4.2Billion, Present share price $25.10, book value $30.50
Etruscan: 50MM shares out, 51% equity in project, $98MM debt(est), 3MM reserves in Carats, $450 per Carat, Gross revenue $1.35Billion, present share price $0.90, book value $13.77
Obviously my earlier comments regarding book value have to be taken into consideration but overall this is a very interesting comparison.
Time will prove that MOA Management has taken a very long term view in not diluting the stock and in the event MOA & EET are evaluated indepedently this will prove up in our favour.
Cheers,
SAR