Column 1 Column 2 0 Co Price (AUD/ton) as of 02/02/2017 $49,130 1 Co (ppm) 841 2 Inferred Ore (Mt) 35.7 3 Co (t) 30,024 4 Total Co Asset Value $ 1,475,064,381
There's a big difference between 1000ppm and 841ppm (stated in prospectus). A difference of 19%. At these concentrations, every digit counts. Also, you didn't take into consideration the OPEX and CAPEX, which is probably greater than 60% of total costs, not to mention the depreciation of cash flows over time due to TVM.
If management can get into production mode in a few years, based on the assumptions below, COB should have a value of around $368M.
Column 1 Column 2 0 Yrs till production 5 1 Growth rate of Co price 20% 2 Projected price of Co $122,251 3 Mine life (yrs) 20 4 Yearly Co output (t) 1,501 5 Revenue/yr 183,521,610 6 % All-in sustaining costs (AISC) 70% 7 Free CF per year 55,056,483 8 Discount rate 8% 9 NPV $367,891,062
All assumptions contingent on drill results and metallurgical assays. But it's way off from $4.5B.
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