Falcor
It’s been a busy past year for M&A in the precious metals sector and while Alamos Gold (AGI) continues to be the king of counter-cyclical M&A to grow its per share metrics, Calibre Mining (OTCQX:CXBMF) is certainly throwing its hat in the ring to be a future contender. The company’s recent acquisition of Marathon Gold is to thank for this upgrade in its track record, with the company punching above its weight to beat out other suitors to acquire the 180,000+ ounce per annum gold project while Marathon’s share price sat near multi-year lows. And while Calibre didn’t model a higher gold price to make the acquisition work as it was already at an extremely low P/NAV multiple, the gold price has certainly improved the terms, with Valentine’s NPV (5%) using higher metals price assumptions now over triple that of the price paid by Calibre even assuming higher upfront capex than estimated.
Outside of this transformative…
