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Dalradian Resources shares up on potential Minco bid

Tuesday, March 21, 2017 14:30
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Gold explorer Dalradian Resources (TSE:DNA) is rated ‘buy’ by broker Eight Capital after news of a possible offer to buy Minco and thereby a 2% NSR (net smelter royalty)  on its Curraghinalt gold project in Northern Ireland.

The broker said DNA was  in discussions to acquire Minco plc’s (LON: MIO) 2% NSR via an offer to buy the entire issued share capital of Minco following the demerger of Buchans Resources Ltd

Namely, this would involve all assets of Minco except the 2% NSR.

Eight Capital values the 2% NSR on Curraghinalt (based on a 5% discount rate) at $14.7 million at spot prices and $15.5 million at Eight Capital’s price deck.

It noted that no definitive offer has as yet been made.

In London, Minco shares raced up around 50%  pence Tuesday afternoon, giving them a market cap of £10.5 million.

In Toronto, Dalradian shares were up 4.65% to $1.35.

Story by ProactiveInvestors

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