Q: Artemis is now producing and expanding ,this generally when little companies get taken out . Do you feel there is a chance of this and more importantly who could be the buyer IF this happens.
5i Research Answer:
The thesis has some validity, but often potential buyers will wait a while longer before making a move, just to ensure no operational issues show up even after commercialization is declared. A low-cost mine producing 160,000 to 200,000 ounces in 'safe' Canada would be of interest to just about any mid cap or large gold company. AEM might want it the most, but we are sure NEM or ABX would be as well. With a decent premium and debt it would likely be an $8B to $9B deal, so the buyer would have to be fairly sizeable. One insider owns 30% so it would need to be friendly, and we doubt the company would be really interested yet in selling.