Greenday valuation 2nd Sept2 Sep 2025 12:23
Greenwopd Capital Markets - OMI initialtion of coverage.
2 Sept 2025
Comprehensive 28 page note.
Conclusion:
Valuation. We initiate with a near-term target price of 28p/sh (C$0.51) based on our conceptual Pepas NPV (0.4x multiple, US$2,800/oz gold) and sum of the parts valuation. This implies a return of 100% to current target but we see considerable scope for further value accretion at higher gold prices and upon de-risking as development scenarios play out with a maiden MRE due. Our valuation at 1x NAV would be 50p/sh. Run at spot gold, this becomes 33p/sh (0.4x NAV) or 64p/sh (at 1x NAV). We will revisit our target price as development clarity emerges, and we expect further price gains as discovery momentum builds for one of the most exciting gold exploration stories in the sector. Page 21
Posted on the other board.