Post by
lumpy13 on Oct 07, 2024 2:19pm
Almost a 25% discount to its value in ETG
Amazing, you can buy HCU (assuming you can get shares) at over a 20% discount to the market value of its holding in ETG. Yes, HCU has around $180m in debt owed to SAND, but the debt has very favorable terms and HCU has cash flow from its NPI in Antaminas. Once developed, Hod Maden (where it has a 30% interest) will generate a tremendous cash flow. (Caveat: SSRM is the majority owner of Hod Maden and with the oxide ore leach pad failure last February at the Copler mine in Turkey, SSRM had to shut down operations at Copler and put Hod Maden on the back burner. The leach pad, which failed, will be permanently closed, but it only accounted for a small fraction of total production. If one assumes, that the sulfide ore circuit is eventually put back into operation, then focus will resume on Hod Maden.)