Free Shares from Almaden
Almaden minerals has a giant gold/silver project in Southern Mexico they call Ixtaca. The deposit contains in excess of 4 million ounces of gold equivalent. It’s been drilled out and has a high quality M&I resource over 3.5 million gold equivalent ounces. That resource and project provide the basis for their $75 million market cap.
But Almaden is not a one trick pony. In addition, they own a 100% interest in the El Cobre copper/gold porphyry project. They have a stable of 21 other early stage exploration projects. Through their past project generator work, they have put together a portfolio of 21 Net Smelter Royalties. And they have some equities in several public companies and 1,597 ounces of gold. All of which investors get absolutely no value for.
So in June or July, they are going to spin off everything except Tuligtic/Ixtaca into a new company named Almadex. They are also going to toss in a 2% NSR on Tuligtic/Ixtaca and approximately $3 million in cash.
Owners of record for Almaden at a date to be announced in the future will get one share of Almaden and 0.6 shares of Almadex for each share of Almaden held.
For 4 million ounces of gold equivalent in Mexico, $75 million market cap seems pretty cheap. The market will determine what the value is of all the rest.
The Spanish term for this is called, “El Goodo Dealo.”
I do not own Almaden shares and Almaden is not an advertiser for now. They have one of the best management teams in Mexico and I like them a lot. Do your own due diligence.