Share buyback19 Dec 2019 08:21
Great news and nice early Christmas present! Will provide a floor from which the up coming IPO of Cobre can be judged in terms to true value enhancing. The recent analyst notes ( which are similar to my own sum of parts valuation) gives a realistic NAV of around 2.2p to 2.5p. The Market loves exploration. MTR now has bucket loads of it. Sandfire drilling out A4 and its impact upon MTR's NSR, KML with Kit barely 5km from T3 which , if we hit anything reasonable could be a company maker, Cobre extensive drilling programme post IPO, . Add in left field of Thailand and any other projects being D/D from MTR's significant warchest and we could see a real, long term re rate. I suspect Management being very clever, testing the market with the first £500k and then rebasing its internal NAV floor as the news flow hits in the first quarter. Add Cooper to the mix and we could see Sandfire share price back up and closer to the $7.00 mark. It has taken time but now really looking forward to the New Year!