FIS have now released the independent expert report on Mt Thirty. good background on the deposit and importantly metalurgical characterisics. Values 50 % of Mt Thirsty at somewhere between what Barra spent drilling , $1million, and what you pay for "comparable" resource elsewhere ( $50million)
Since Mt Thirsty is absolutely unique in the world due to its high cobalt content and high recoveries of cobalt/ managanese in atmospheric leaching, valuation is difficult as it is not comparable.
Basically this is a highly leveraged cobalt play. If you believe high cobalt prices are here to stay for the next 5 years and the heap leach works ( 50% of heap leach projects fail) then Mt Thisty is worth whatever numbers you plug into the spreadsheet .
The numbers I plug in say its worth a lot more than $50million.
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