The Canaccord estimate of A$140M (US$126M at 0.90) was pretty much on the money.
Seems a few of the factors in the PFS have been downgraded in the DFS, namely the grade and annual production figures. Sort of get the feeling that the study results perhaps didn't meet the company's own expectations.
Still gives a base value of around 25 cents per share for Kasbah's 75% part of the project.
Clearly there is excellent leverage to a rising tin price both in the initial mine life and in any extra mine life from a reserve upgrade.
Be good to see some quick action from Toyota Tsusho in transferring their remaining A$1.9M payment to show they are committed to the project and ready to begin financing discussions.
KAS Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held
