russwinter:
MOY: I sent this note the TF, amarksp and I'm done - you guys were the MOY promoters in a world of darkness. I never posted a note on MOY, but I watched you guys accurately value the assets down to the nickel and it helped me get my position liberated from illiquidity. I feel I owe you.
RNC: I give you RNC as a follow to MOY. Similar story in terms of stage of market development / following when you bought MOY. The RNC basics: 100,000 ounces plus at US$220 cost; mkt cap of US$40M; RTO in Dec. 2003; successor in assets to Greenstone Resources - GR went up so high that when it crashed it took 5 years to unbury the heap. Debt was the problem for GR (US$300M of it) - not the assets (at least at these prices). RNC has limited debt and a hedge for 1 year at US$340. At US$420, it is has a current p/e ratio of 2. Comparables are many, but one might look at Claude Resources(60,000 ounces at double mkt cap); RNG (similar gold, plus nickel play - 9 times mkt cap). We have some early positioning taking place - look at recent trading (and I mean recent!). I predict C$12-15 in 12 months if gold stays at current levels - if it strengthens, this could explode.
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