$?Bill in a ? Life mine, page-322

Interesting Read.

200619-Hot-Chili-Ltd-HCH-Time-to-push-the-boundaries-SPEC-BUY.pdf

Speculative price of 6c Assuming:

Initial resource estimate of 500Mt @ 0.50% Cu and 0.20g/t Au containing ~ 3.25Mt CuEq.

For Cortadera, an in-situ copper equivalent value of A$50/t (total value $163m) is assumed.

For Productora, given the lower grade nature of the project and the limited scale, an in-situ copper equivalent value
of A$25/t (total value $26m)


The multiples used in the above table are very conservative as according to S&P Market Intelligence, the average acquisition cost per in-situ tonne of copper since 2018 was ~US$215/t contained copper and the average EV/Resource for listed copper developers (non-transactional) was ~A$180/t of copper equivalent resource.

Imaging takeover at an average acquisition cost per in-situ tonne of copper of ~A$180/t of copper equivalent resource as above. Would give us a s.p of 21.6c Kinda makes our MC at under 60M and a s.p @2.3c extremely under valued.

Bring on the next few weeks.