Historic resource here was 4.66Mt at 4.13% CuEq at current prices. They have already punched enough holes to feel they are pretty comfortable with that being realistic. So this is our base case.
If you assume 250m strike extent and 300m added to depth and average intersection of 10m multiplied by a SG of 3.9 as per preso then this gives us at a minimum another 3Mt at least with average grades being hit probably higher than 4% CuEq.
So we could already have 7.5Mt firmed up at low confidence intervals with plenty of exploration potential left.
Opex might be US$100/t and NSR US$200/t.
Gives an NPV8 of something like US$300m (Obviously confidence intervals have to be improved and it won't all make reserves etc etc).
Base metal project in a tier 1 location should probably trade 0.5x NAV
If we see IP expand our footprint considerably these numbers have massive expansion potential
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