Western Copper and Gold Corp T.WRN

WRN buyout value

[TELEMARKER]

TORONTO, Dec. 20, 2021 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce it has entered into a definitive agreement (the "Arrangement Agreement") with Josemaria Resources Inc. ("Josemaria Resources") to acquire all of the issued and outstanding shares of Josemaria Resources through a plan of arrangement (the "Transaction") for an implied equity value of approximately C$625 million (US$485 million).

Consider that Lundin related firms own 39% of JOSE as of Dec 31 2020.
So LUN is effectively not paying C$625 million.

GBR is a gold deposit only in Red Lake Northern Ontario. Red Lake is an established mining community, closer to civilization. 
Gold deposits are valued higher than base metal deposits for contained metal
Kinross is overpaying ?

[Heywood_Silvers]

Kinross is taking a gamble that they can "overpay" now to avoid getting into an ever more heated bidding war if the resource at GB's Dixie project is everything they believe it is cracked up to be. Yes, GB is a gold project.  Casino is a dual gold/copper project.  But, regardless of how you look at Casino the primary metal in your opinion will be the offset credits. 

[Sooner]

Of course not...but they are valuing Josemaria at $485M usd. Casino has about 2 x the copper equivalent so one simplistic way to value Casino would be around $900M. I believe Casino has better IRR, better payback, better LOM cash flow, etc.  I would think Yukon better as well.  at a minimum...we should be a double right now from where we are trading compared to Josemaria alone!

[TELEMARKER]

Josemaria Copper Equivalent Mineral Reserves / Grade2 4,646 kt / 0.46% Copper Equivalent Mineral Resources / Grade2 7,002 kt / 0.38% Average Processing Capacity 152,000 tpd LOM Average Annual Payable Metal Production 131,000 tonnes copper 224,000 oz gold 1,048,000 oz silver Mine Life 19 Years All-in Cash Cost (co-product excluding closure accruals) $1.55/lb Casino LOM Revenue Cu  47% 

[Sooner]

Casino - $75B M+I at spot 3 year payback IRR -20% LOM cash flow - $12B 50 year mine life Josiemaria -$42B 3.8 year payback IRR - 16% 20 year mine life    lots of similarities I think on capex and grades. the main difference is we are like 2 Josemarie projects  Casino NPV of phase 1 similar to Josemaria...but we have a 2nd phase with similar financials...with key