Apr. 17 at 8:11 AM
$ASM ASM's current market cap is approximately
$1.21B.
Against P&P reserves alone that's roughly 7.5x gross in-ground value coverage — meaning you're paying about 13 cents on the dollar for the P&P metal. Against total M&I + Inferred (~
$25.7B gross), it's closer to 5 cents on the dollar.
Obviously gross in-ground value isn't NAV — you need to strip out AISC, capex, discount rates — but even applying a brutal 90% haircut for costs and time-value, the implied NAV would still be multiples of the current market cap at
$79 silver. The re-rating case is stark. How high can we go today.....
