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Is Agnico's move a warning for junior miners?
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ticker lesson
Breakdown
0:00Agnio· ticker
Agnio sold 261M junior equity, 3x bought
- Sold 261M junior equity portfolio
- Proceeds funded own share buyback
- MDNA says proceeds funded buyback
0:01MDNA· ticker
MDNA funded Agnio buyback
- Proceeds from Agnio sales funded buyback
0:02lesson
Agnio's valuation vs exploration
- Agnio compared junior portfolio value to development assets
- No need for exploration success to grow via development
- 20-year positive reconciliation of resources to reserves
0:03lesson
Exploration strategies debate
- Drill bit adds value for competent teams
- Joint venturing with juniors is efficient
- Financial case exists for both approaches
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