>>24032686They can add more ounces to reserves for some time, but there is obviously not infinite gold down there. Haven't really looked into it much, obviously it's a world class mine, but mining 500koz/y it seems unlikely they can keep that pace up for say 30+ years. At current gold price with their current, I think pretty attractive tax/royalty rate which could easily go up, they are trading at like 13x FCF. That's hella expensive imo for this kind of business. Seems very fully price for $5000 gold, which we just reached.
Serabi Gold may be killing off a worker per week, but they are trading at like 2.5x 2026 FCF with no debt, good amount of cash and growth opportunities. And imo Brazil >> Equador as a jurisdiction.
