My NPV calc is after tax.
I don't try to set price targets for gold miners based on NPV or P/E numbers as I've found it isn't particularly useful. I try to use market production multiples based on similar companies to get a guide of potential worth. If it is significantly less than its peers, and doesn't have major risks, then it is worth buying.
Based on GCY's share price I think 42c for EAR would be around the mark. NST bought at 38c or more last time from memory so obviously they think it is worth at least that.
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