I really dislike the use of Pre-tax NPV and IRR being used as headline numbers, but they look good none-the-less.
Can't fault the methodology on price inputs (consensus of 3 legit analysts), but to me they 'feel' a bit high / the project is super sensitivity to tiny movement in price (as all marginal mining projects are).
Three things holding this back IMO; 1) Too many holders bought at >$1 and happy to get out when there's volume being traded 2) Potential / necessary CR coming 3) Management eroded too much trust on the first crack at Butcherbird and don't believe this update
Still, for me, fair value with a strong risk factor being applied is something north of $150-200M. I'd love to see some analyst coverage here.
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