That is a little deceptive, in which it assumes the production profile and LOM of the companies are the same.
I have not completed as much due diligence with NST as I have with RMS, but the total FCF of NST is significantly higher than that of RMS with current resource estimates hence a logical reason for the disparity in premium and conversion rate of those reserves to cash.
If they can proove that there is more ore than currently modeled and are able to increase the rate of capital conversion you would see the gap close significantly.
Broker Report March 2018, page-53
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$1.97 |
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