Billion £ potential. 💰💰💰💰💰4 Dec 2025 12:42
1 Billion + Valuation (£40 a share) or is this Pie in the Sky
Ok, for those saying 40 quid a share is possible - what size of discovery would Red Setter have to be - and what does proving this up entail.
Conservatively any suitor will pay 5%-10% of the non discounted spot value of the Metal in place - so a 6m oz Au discovery gets us there, with the expected Copper content, based on a conservative 5% (of metal) valuation
So as above Wishbone Gold (WSBN) to be valued at around £1 billion, assuming a buyer pays 5% of the in-situ metal value, the Redsetter project would need to contain roughly 6.5 m oz of gold, or an equivalent combination of both gold and copper. That level of contained metal represents a Tier-1, world-class discovery, similar in scale to major deposits but still a lot smaller than 1 Havieron (not 6 that some are imaging) or Cadia and about half the size of Telfer is before the laterst drilling actoss there. But how does WSBN prove this to any buyer.
To prove that level of resource to JORC standards, WSBN would need to complete a major exploration and evaluation campaign, not just early-stage drilling. It would likely require between about 50000m of diamond and RC drilling to define the ore body and demonstrate continuity and grade. Extensive geophysical surveys, detailed geological and 3D block modelling, and full QA/QC validation would also be essential.
In parallel, the company would need to carry out comprehensive metallurgical testing, density measurements, and environmental baseline studies to support a JORC-compliant Indicated or Measured Resource. The total cost to reach this point would typically take another £10million or so and the process could probably take about 12-18 months , depending on logistics and funding.
Once such a resource is proven and reported by a Competent Person, it would provide the technical foundation a major producer would need to justify a £1 billion acquisition or partnership. That valuation would equate to a share price of about 40 quid a shate (obviously reduces if any dilutive raise happens before any sale) In short, to reach a billion-pound valuation, Wishbone would need to outline a world-class deposit (circa 6m oz au) and back it up with rigorous JORC-level proof.
In reality though - if this is indeed Haveiron sized then to get £1billion for it and go it alone we probably need another 10 million quid - they may go down the road of a farm-in, JV, Royalty financing or something else. We also cannot rule out more dilution to drill which if done properly will be positive
I suspect though that we will likely get taken out before that happens - unless the company can continue to fund the drills themselves, maybe even debt fund secured against resources .
Low ball offers may come in once they have completed the current funded drill campaign, and have all results back - possibly up to about £15-20 a share.
If the Redsetter is anywhere near Telfer sized then do
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