MAE vs RCG
value : highest for each
MAE $14.86M in-situ gold + $5.1M tax credits = $19.96M
RCG $10.8M shareholder equity +$20.5M tax credits = $31.3M **
caveat: Dufferin near-term ready value $25.65M ???
insider investments 2016-2018
MAE = ($15.1-$8.8)/(132.0-57.4) = 8.5c/sh
RCG = ($33.2-15.1)/(174.8-45.3)=14.0c/sh
converting RCG to a 132M share structure for comparison
MAE investments 2016-2018 = ($15.1-$8.8)/(132.0-57.4) = 8.5c/sh
RCG investments 2016-2018 = ($33.2-15.1)/(174.8-45.3)(174.8/132)=18.5c/sh
book value
MAE 9.95/132=7.54c/sh
RCG 10.8/175=6.17c/sh
converting RCG to a 132M share structure for comparison
book value
MAE 9.95/132=7.5c/sh
RCG (10.8/175)(175/132)=8.2c/sh
first pass valuation only.
MAE has many things going for it. Management in place. Recent investment.
RCG is insolvent
Best wishes for both companies and thier investors.
details below
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MAE details
Hammerdown deposit
M+I 316koz * $25/oz = $7.90M
Inferred: 377k oz * $5/oz = $1.885M
Orion satellite deposit
M&I: 158k oz = $3.950M
Inferred: 225k oz = $1.125M
MAE gold in-situ Total = $14.86M or 11.3c/sh
PEA nope
tax credits $5.1M
MAE Financials
$10.2M Assets
- 0.250 Liabilities
= 9.95M Shareholder Equity or 7.5c/sh
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY 2016-2018
($15.1-$8.8)/(132.0-57.4) = 8.5c/sh
value $14.86M in-situ gold + $5.1M tax credits = $19.96M
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RCG details
Dufferin
M&I: 58k oz * 25 = $1.45M
Inferred: 150k oz * 5 = $0.75M
Tangier
Inferred: 170k oz * 5 = $0.85M
Forest Hill
M&I: 75k oz * 25 = $1.875M
Inferred 247k oz * 5 = 1.235M
Dufferin $2.2M (carried on the books at $25.65M)
Tangier+Forest Hill = $3.96M (carried on the books at $1.278M)
RCG gold in-situ = $6.16M
Dufferin PEA NPV $89.2M
Dufferin near-term ready value $25.65M ???
tax credits $20.5M
RCG Financials
$31.3M Assets
- 20.50 Liabilities
= 10.8M Shareholder Equity or 6.2c/sh
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY 2016-2018
($33.2-15.1)/(174.8-45.3)=14.0c/sh
value $10.8M shareholder equity+$20.5M tax credits = $31.3M