In today’s briefing:
- Larvotto Resources (LRV AU): USAC’s Unattractive NBIO
Larvotto Resources (LRV AU): USAC’s Unattractive NBIO
- Larvotto Resources (LRV AU) has disclosed a non-binding proposal from United States Antimony (UAMY US) (USAC) at 6 USAC shares for every 100 Larvotto shares.
- The offer is unattractive as the current implied offer value is 20% below the last close price and undervalues the core Hillgrove Mine based on the DFS’s NPV analysis.
- USAC’s share price meteoric rise YTD amplifies the risk of the all-scrip offer. The Board should push for better terms or outright reject the NBIO.
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