Acutally VRC announced it's NPV pre tax, and MNS was post tax. However if you carefully compare the PFS for both they look pretty close.
MNS - NPV of US$1.04B with 84% IRR (post tax)
VRC - Pre tax NPV of US$1.31B, 87% IRR .. so this is NPV $890m with 66% IRR
MNS - Ore Grade 5.1%
VRC - Ore Grade 4.9%
MNS has a very impressive IRR, however, she has already bolted, and VRC, IMO, is the better value given that it has a MC of just 61m.
If all goes to plan, once the BFS kicks in, the MC would have to be x5 or more. I guess a minimum of 32cents. Would be interested to hear thoughts from others.
Acutally VRC announced it's NPV pre tax, and MNS was post tax....
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