Does anyone have a table summary of Macquarie's assumptions for costs, royalties, production volumes etc.? I am wondering why the valuation of Julimar would only halve if the palladium price more than halves from the then spot price of over $2,200/oz to the forecast $1,100/oz. I'd have thought that the valuation would reduce by much more than 50% since the costs would change much less if at all, meaning the margin would reduce very drastically.
Granted there are other minerals such as nickel and copper, but the following diagrams indicate that the other minerals will only increase in dollar revenue by 12.5% only (those who know maths should understand why).
One possible explanation is that the margin for palladium is so much greater than those for the other minerals, but I'd like to confirm the
reason.
Macquarie valuations
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