pfs

Doing comparison on CSD vs VMS.
EV of VMS is 3 times greater than CSD.
Both are Skan project,costs to produce tin are very much same ,CSD has higher tin grade but VMS has copper and Tungsten as by products.
VMS just published its BFS with NPV at $143 million.
If I use same metal price used in VMS then CSD should have similar NPV as VMS.
Base on this NPV, SPM needs to make additional $100 million in order to match 50/50 share in its JV.
JV should have annual net cash flow of $70 million base on processing 700,000 tones ore.
With $35 million annual cash flow to CSD and jointly owned mill, CSD could have $200 million market cap. In 2014/15.
On fully diluted basis, CSD should worth 80 cents then at current tin price or at $1.60 If quote tin price at $35,000 a tone.
However,market doesn't always agree but this is how we value.
We don't get that kind return most time as company is highly unlikely to fund the project but CSD is in striking distance to do that.
Do you think VMS can find $197 million?.I hope they can but thats the difference between real and hope!.
DYOR