Curious if anyone here has looked at CPS on the TSXV (CPS GLASS). Seems like another good comp for VRX. Similar quality silica sand, but at FID, fully permitted, with downstream glass manufacturing planned + glass offtake, and with Canada's 30% investment tax credit on CAPEX. Also in North America, which I'm not sure whether that's a relative positive or negative. More scarcity value I suppose but less traditional for high purity silica sand?
Oddly it only trades at a $30M CAD market cap. So I guess what I'm trying to figure out is whether this is actually a good comp for VRX. On the surface it seems to indicate VRX being overvalued on a relative basis. However, CPS also could just be THAT undervalued that it isn't even a good comp. They do zero marketing and liquidity is low.
Very interested in any thoughts.
Thanks!
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