SGSVF - Sabina Gold & Silver: A Dirt-Cheap Valuation For This Tier-1 Developer

• Sabina Gold & Silver is one of the worst-performing developers year-to-date, sliding over 45% vs. a ~27% decline in the Gold Juniors Index.
• However, the company's strong fundamentals and Back River's scarcity value have not changed, with Sabina arguably more de-risked with preliminary development work continuing on site.
• At a current share price of US$1.21, Sabina trades at a dirt-cheap valuation of ~$46.00/oz and sub 0.50x NPV (5%), making it one of the sector's cheapest takeover targets.
• With Back River being one of the only multi-million ounce high-grade Tier 1 projects, I see this deep pullback as a low-risk entry point for a speculative bet on the sector.

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