asci, page-7

Hi Brickworks,

I don't subscribe to ASCI either, just did my own valuation and VOR looks very cheap at this stage.

I don't think VOR has misleaded anything here, they always mentioned the target exploration for Khongor Copper Gold is from 100Mt to 200Mt with 0.7% to 1% Cu grade, so no wonder people could be dissapointed if looking for higher grade...

The Khongor Copper is of type Porphyry, so the grade will be usually lower than average 1.0%, but we're talking here of bulk mining with Gold credit (CuEq) , so one would expect a cash cost for TC/RC to be low, with a good figure of NSR (gross value of Copper concentrate less TC/RC and freight).

From Oyu Tolgoi Copper (RIO) report (and also I recalled you did mention on your posts), their cash cost is low with estimates of 45 cents/lb, the deposit having an average 0.93% copper grade, a very low operating costs indeed.

From TA perspective, I guess VOR has retraced more than 62% from low=0.065 to high=0.135, so a good buy for me...

Cheers,