Epstein Research: “I strongly believe a combined Thesis + Benchmark will itself be acquired as soon as next year.”

This morning (June 27), Peter Epstein, Founder of New York based Epstein Research  posted an analysis of the Thesis / Benchmark merger in, which he makes  the case that the current value of the combined company is “well below that of fellow B.C. juniors at similar stages, Eskay Mining (~$134 Million) & Dolly Varden (~$183 Million).”

In summary, Epstein states.

“The new $TAU [$TAU + $BNCH] has a pro forma enterprise value {market cap + debt – cash} of just C$75M. I think it will have over 5M Au Eq. ounces by mid 2024. That means the Company is trading at C$15/pro forma oz. in the ground. New $TAU has C$28M in cash and is drilling a combined 50k meters. This is going to be a Tier-1 project with an impressive new PEA coming out in about a year. The new PEA should enjoy a much higher NPV than the existing one on the Lawyers project, a better ratio of NPV to cap-ex and a higher IRR. New Thesis Gold itself will be a prime takeover candidate by nearby companies like Newmont, Teck, Freeport McMoRan & Centerra Gold, but also others. I think this could double/triple in 12-18 months.”

To read the full article, please click HERE. 

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