alex- your new calculations look right as far as inground value...

alex
- your new calculations look right as far as inground value
but auditors will say only half of whats in the ground can come out as half of it will be too hard to access
As a deposit gets larger the % extracted increases this is a very small allbeit high grade deposit so the % extractable will be probably only be around 50% of the resource

So maybe you need to halve your ingorund value before mutiplying it by your other values

Also there are smeltering charges which impact on the price recieved for the copper . MWE wont be building a smelter not even anvil has a smelter. 20 to 60% Ore concentrate (grade dependant on process used )will be trucked to a smelter probably in Zambia or Angola.

That will drop your margin down with smelter costs offest probably by cobalt credits.

I would look at Anvils costs to get a better idea of what this operations potential is .

But your final enterprise value of $56M is around what one of the brokers reports had on the MWE website from memory after doing a DCF and as you hinted the IRR is dependant on how quick they can get the ore out of the ground.

One other thing in addition to the Au and Fe resources MWE has in oz, MWE has large holdings in the DRE and Zambia, where Kapulo is only a small part of the katanga fault so if they travel further north from Kapulo there is likely to be a lot more ore to be found likely to be some south in Zambia too although it doesnt look as high a tenor.

It is possible MWE will tie in with using Anvils concentrater but I suspect they will do on site heavy media seperation (HMS) after the ore has gone through a ball mill to crush it fine

The process would be extract ore - primary crush ore - ball mill grind ore - seperate heavy Cu component which is HMS so increasing grade from 5% to 15% then transport ore to Anvil where grade is further increased to 40% Cu before shipping off to a smelter.