you gotta love the clawback option, page-39

T4P wrote: "When Pensador have spent $50m (ie, dropped in market cap by $50m), CVI can be expected to rise to the tune of some $500m.

Workings:

I base this on the view Cachoeiras da Binga for example, should delineate at least 30m tonnes at 2% Cu for expenditure of about $20m (potentially as high as 51mt)

30mt x 2% x $7500/t = $4.5b x 5% = $225m

So...$20m spent equates to $225m of value add."

All the calculations and predictions re the value of CVI's eventual assets sounds good...however, do we forget that the market is not always efficient in put the right value on the right stock. There are some companies sitting on multiple-billions of dollar of in-ground asset value, yet their market cap languises.

The concern here is that the market will not recognise CVI's asset values by the time we want to exercise the clawback and we'll find that we either issue 5 billions or we don't clawback at all. Both ways we're stuffed...