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Montage Gold – Overview (Côte d’Ivoire) Project : Kone + Gbongogo Land Package : 500,000 acres Resource : 5 million oz (4M oz reserves) Production Plan : Starts at 300,000 oz/year Capex : $900M (fully funded via $700M streaming deal + $125M debt) AISC : ~$1,000/oz First Pour : Q2 2027 Stream Deal : 23% of production at low fixed prices – hurts profitability 2023 Drill Highlights (Gbongogo) 113.25m @ 2.30 g/t 48.00m @ 1.72 g/t 45.75m @ 1.90 g/t 20.50m @ 10.95 g/t 17.00m @ 8.56 g/t Valuation at $4,000 Gold Let’s estimate using 300,000 oz/year: Streamed Production (23%) : 69,000 oz (minimal profit) Unstreamed Production (77%) : 231,000 oz FCF per oz : $4,000 - $1,000 = $3,000 Total FCF : 231,000 × $3,000 = $693M/year Valuation (10x FCF) : $6.93 billion Stock Price Potential If FCF is $693M and we apply a 10x multiple , the valuation = $6.93B If they have ~200M shares (estimate): Stock Price = $6.93B ÷ 200M = $34.65 per share Conclusion At $4,000 gold , Montage Gold could be worth $30–35/share , even with the streaming deal. Strong team, solid project, and multi-mine potential.Read more

West Vault Mining Summary (2025) Projects : Hasbrouck and Three Hills (Nevada) Ownership : Acquired from Allied Nevada in 2014 PFS (2023) : Production: 70,000 oz/year for 8 years Capex: $66M After-tax IRR: 80% at $2200 gold Development Plan : Phase 1: Three Hills (shovel-ready, 12-month build) Phase 2: Hasbrouck (18-month build) Combined Reserves: ~725,000 oz (175K TH, 550K Hasbrouck) Strong exploration potential with high-grade intercepts Status : Development on hold, waiting for higher gold prices Burning ~$1M/year (conservative spend) Cash: ~$2.5M Announced share buyback: up to 3% Additional Assets : 60% interest in 11 Nevada properties (300K acres, from Newmont/Rubicon) 25K acres in Quebec (between two 4Moz deposits) Market Cap : ~$43M (fully diluted) — very low for a near-term 70K oz producer Risk/Reward : Upside: 10x potential at $4000 gold if mine built and extended Risk: May sell project instead of building Insiders/Ownership : Sun Valley Gold: 46% Ruffer: 17% Eric Sprott: 5% Konwave AG: 3% Management/Insiders: 1.5% Total Insider Ownership: ~70% CEO Quote (2/18/2025) : “We see building Hasbrouck as a viable way to unlock value, but we’re cautious of being a single-project company. Our market cap must be significantly above initial capex before we build — to allow room if things go wrong.” Key Assumptions Annual Production : 70,000 oz Mine Life : 8 years (likely to extend with exploration) Gold Price : $4,000/oz AISC (All-in Sustaining Cost) : Assume $1,200/oz (to be conservative) Free Cash Flow (FCF) per ounce = $4,000 - $1,200 = $2,800 Annual FCF = 70,000 oz × $2,800 = $196,000,000 Valuation Multiple : 10x–15x FCF (common for miners with solid assets) Market Cap Range : Conservative (10x) : $1.96B Optimistic (15x) : $2.94B Shares Outstanding (FD) : ~70 million (estimate) At $4,000 gold , West Vault Mining could be worth: $28.00/share (10x FCF) $42.00/share (15x FCF) Current stock price is under $1 , so this is a potential 30-40x return if the mine is built and production is realized.Read more

Long term price target of $34 Originally published on 3/31/25 in The Millegan Memo https://www.woodworth.fund/news/the-millegan-memo-march-2025 KOHL’S HARD CASH: DIGGING UP VALUE IN $KSS Kohl’s continues to drop despite a relatively rosy reported earnings and balance sheet. In what appears to be an overreaction to broader uncertainties in the US economy, consumer sentiment, and possibly disappointing performance of certain internal segments, Kohl’s has declined over 30% since it reported earnings earlier this month.Read more

Long term price target of $25 Originally published on 3/31/25 in The Millegan Memo https://www.woodworth.fund/news/the-millegan-memo-march-2025 ALL ABOARD THE VALUE TRAIN: WHY $RAIL MIGHT BE HEADED NORTH - FREIGHTCAR AMERICA Freightcar America continues to deliver on operational results. Freightcar America, which despite the name has no actual manufacturing operations in the US, reported its four quarter and full year 2024 earnings results earlier this March.Read more

Catalysts Industry Tailwinds: Continued global demand for wastewater treatment driven by urbanisation, water scarcity, and stricter environmental regulations. A rising focus on circular economies that value resource recovery from organic waste.Read more

Current Business (Present Narrative): Oracle is a leading provider of enterprise IT solutions, focusing on databases, cloud computing, and enterprise software. Its primary revenue streams include: Cloud Services (Oracle Cloud Infrastructure - OCI): Competing directly with AWS, Azure, and Google Cloud, OCI is growing rapidly, driven by its ability to handle enterprise workloads effectively.Read more

How does Base make money? Base offers software implementation and generation services, they are specialized in SAP.Read more

⛔️ Overvalued Alert: This Stock is a Strong Sell ⛔️ Intrinsic Value per Share (DCF-based): Rs. 14.25 Current Market Price (CMP): Rs. 37.4 Overvaluation: CMP exceeds intrinsic value by 162% Key Risks and Red Flags Chronic Negative Free Cash Flow 7 out of the last 11 years show negative Free Cash Flow (FCF). Cumulative FCF: -Rs. 29,823 Mn over the past decade.Read more

It is one of the three biggest carmakers in the world, with a dominant market share of some 21 per cent in its home market - which actually grew in the recent past. Yet both from a strategic and a global perspective, the Wolfsburgers are under marked pressure.Read more