For those with an open mind wondering why market reacted to this SS the way it did
a) This is a scoping study and by nature based on generous "technical" assumptions which will be proved up in further expert studies that will follow
b) NPV (7%) under $300M - Stock already trading 50% of that [with feasibility study pending, funding needed, construction & commissioning risks still ahead]. Run the NPV @8% and put risk weightings on all outstanding risks and CNB will start looking fully valued (sans exploration upside)
c) Downstream :- Economics are contingent on successful negotiations with Glencore. There are 2 issues here a) Glencore's commitment to Mount Isa is on weak footing, b) If they will play ball - it will be on their terms as they wont mind packing up and leaving Mt Isa - They have bigger fish to fry.
d) Operating risk: This project economics look good if commodities outlook remain strong but not robust enough to sustain a commodities downcycle.
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Mkt cap ! $88.54M |
Open | High | Low | Value | Volume |
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2 | 10455 | 0.510 |
1 | 4970 | 0.505 |
3 | 11500 | 0.500 |
3 | 26765 | 0.495 |
Price($) | Vol. | No. |
---|---|---|
0.520 | 3938 | 1 |
0.535 | 10000 | 1 |
0.540 | 50000 | 1 |
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