NWC 3.45% 3.0¢ new world resources limited

Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-56

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    ADT is a reasonable corollary...polymetallic, high grade resource, underground mining, higher NSR than NWC

    At Scoping Study release in Nov 2019....7.2Mt HG, NPV US$1B, market cap A$300M
    At Pre-feasibility release in Oct 2020.......9.5Mt HG, NPV US$1B, market cap A$600M
    As of Friday, 7 months from production..11.2Mt HG, NPV US$1B, market cap A$850M

    At present NWC have completed a scoping study which returned an NPV of US$500M. A market cap of A$125 - $175M seems reasonable. NWC may attract a premium as more of the resource value comes from copper.

 
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