Wonderful post, similar rules of thumb around NPV valuation... Good risk reward in my opinion.
The only thing I don't agree with, having had an investment in TER investor for a long time... Mick Avery didn't really deliver, TER sold the BNU mine for $2 (buyer took on US$13M debt) and then TER wrote off ~$100M in capital losses... Then Avery left between 2018 and 2019, after the BA acquisition, but you've got to ask the question was he pushed out? Maybe others have a different view. BA delivered all of the TER upside, certainly not their SA operation or the BNU Mongolian operations.
You could argue that the BNU mine (if TER still owned) may be a golden goose right now... But they sold it and seemingly had a massive board change after they got rid of it and focused on Australian operations at BA...
Wonderful post, similar rules of thumb around NPV valuation......
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