See below my estimates and assumptions for calculating an NPV for SVM, since the scoping study didn't go so far as providing an NPV. Personally think these assumptions are pretty conservative and haven't fully factored in the recent drilling (I've only gradually increased throughput later down the track - personally I think this will be more extreme in its impact in reality) which is likely to increase the annual throughput and LOM.
Regardless, I'm spitting out an NPV of over US$220m. Given Middlemas' record for bringing projects online it seems SVM is pretty undervalued right now trading at circa 15% of NPV.
Any thoughts on the analysis or errors/inconsistencies please do tell...
SVM Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
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