Feel free to add or disagree.... No bashing needed...
I have done some rough figures for EGX in comparison to FDN just for rough buyout figures, values and in part bordom... Note: I have used 100% of indicated resource values and only 50% of inferred to give a more realistic value of the properties. I also have not included the double strike length of Cu as potentially indicated by Glenn Laing in a previous report. I have used both recovery rates for EGX to get an idea of value for each to see which would be the better route. (Copper rate of 80% and gold rate of 80% was best) I have also converted at the end into Canadian currency as the buyout prices are based on USD. I added this bonus as we will get paid out once it has converted to Canadian funds as we trade in, and Share Price is in, Canadian. (There is huge positives to our dollar drowning right now @16% exchange rate)
I have also used the monetary values of Fruta Del Norte based on its resource's initial purchase value by Kinross and then by Fortress to get a rough idea of values for EGX.
Fruta Del Norte Compared to EGX:
EGX: Using 100% Indicated and 50% Inferred Resources
9,300,000 oz Au
33,000,000 oz Ag
2,300,000,000 lbs Cu
Recovery Rate: "Pro Gold" (86% Au/64% Cu)
Au @ 86% = 7,998,000 oz Au
Ag @ 100% = 33,000,000 oz Ag
Cu @ 64% = 1,472,000,000 lbs Cu
Recover Rate: "Pro Copper" (80% Au/80% Cu)
Au @80% = 7,440,000 oz Au
Ag @ 100% = 33,000,000 oz Ag
Cu @ 80% = 1,840,000,000 lbs Cu
Values of Gold and Copper by extraction rate: "Pro Gold"
Au @ 86% @ $1,200/oz = $9,597,600,000 USD
Ag @ 100% @ $16.50/oz = $544,500,000 USD
Cu @ 64% @ $2.77/lb = $4,077,440,000 USD
Total: $14,219,540,000
Values of Gold and Copper by extraction rate: "Pro Copper"
Au @ 80% @ $1,200/oz = $8,928,000,000 USD
Ag @ 100% @ 16.50/oz = $544,500,000 USD
Cu @ 80% @ $2.77/lb = $5,096,800,000 USD
Total: $14,569,300,000
Greatest return is "Pro Copper" valued @ $14,569,300,000 USD
Fruta Del Norte: Using 100% Indicated and 50% Inferred Resources
8,535,000 oz Au
12,365,000 oz Ag
Values of Gold and Silver by 100% extraction for FDN:
Au @ 100% @ $1,200/oz = $10,242,000,000
Ag @ 100% @ $16.50/oz = $204,022,500
Resource Value total @ $10,446,022,000
Kinross bought FDN back in 2008(ish) for $1,300,000,000 which equates to approximately 12.5% of the resource value. (Im undervalued by $46,000,000 to make a round number, 12.4% is more accurate and only off by $5,000,000)
This would place EGX's Resource at a high end value @ 12.4% = $1,806,593,200
Kinross sold FDN in 2014 for $240,000,000 which equates to approximately 2.3% of the resource value.
This would place EGX's Resource at a low end (too low) value @ 2.3% = $335,093,900
So, in conclusion, a low end offer at a worst case would be roughly $335,093,900 USD converts to $388,708,924 or $1.55 per share.
***** These are estimates and I used FDN due to the fact that they are so close and would have the same figures for miningcosts. They are sub terrainian I believe as well so there costs are going to be much higher.
As always, do your own DD and GLTA.