Ann: Peko Inferred Resource, page-13

Your point is valid but I'm not sure a CAPM derived rate is relevant to an ELE project ... I doubt you'll attract to much equity offering 9%.

For me the more potent issues in terms of this valuation include which commodities (Au?); benefication costs and recovery yields; prevailing (short and longer term) exchange rates (AUDUSD 0.7 vs current 0.625); success / failure commissioning acquired CU/Co recovery plant; depth and success of operational management; short / long term product delivery to market.

Have a great day