Saying that Goldcorp has been submitting lowball offers for years, the chief executive officer of Osisko Mining Corp. says a fair price for the company – and its prized Malarctic mine in Quebec – would be at least $10 a share.

“We’ve built Canada’s best gold mine,” CEO Sean Roosen tells BNN. “We’ve had eight quarters of steady production, we finished the ramp up on the project in Q3, in Q4 we ended the year with 137,000 ounces for the quarter, which is the best performing gold mine in the world.”

Osisko rejected an unsolicited $2.6 billion cash and stock takeover bid from rival Goldcorp Inc., saying the offer was financially inadequate and not in the best interests of its shareholders.

"Goldcorp's offer significantly undervalues Osisko's world-class Canadian Malartic mine, and the rest of the company's portfolio of high-potential projects," Osisko said Monday in a statement.

Roosen tells BNN cash costs for Malarctic have steadily declined as the mine’s ramp up stage ends and the company accesses higher grades of ore. He believes Osisko shareholders will now see more cash flow directly to the bottom line in the next few quarters.

As of December 31, Osisko had a cash balance of more than $210 million, up from $155.5 million in 2012.

With Osisko shares currently trading about 50 cents above the offer price of approximately $6 per share, Roosen says the right price for the company is between $10 and $12 per share based on a premium of at least 50 percent for Malarctic.

“We feel as a standalone company we’ve outperformed them in the past.”

VIDEO: http://watch.bnn.ca/#clip1064873