All the main Aussie tungsten players have put out PFS of late with EQR expected in the next couple of months. EQR's figures are from their 2012 PFS. A couple of points to make.
In 2012 EQR didn't have the quarry & head lease (value $15m to $25m).
Quarry is a by product and will reduce costs.
If we bring the currency inline with the others given the tungsten price is similar we get $230m NPV and a shorter payback & an increased IRR.
Additionally, this doesn't include other deposits that could add 10 years plus - Iron Duke, Petersens and West Dyke (based on previous geologist comments). On top of this management are expected to reduce the capex (guesstimate sub $40m) by only mining the king veins.
Therefore based on current market caps (Friday's closing prices) TGN $169m EQR $45.5m KIS $70m RFR $12.5m, we are well placed, given the information in the table below and we are actually producing tungsten and have cashflow. If the tungsten remains low, then the others are unlikely to fly apart from RFR as their actual base case is $US240mtu.
Resource Size Grade Tungsten total Production pa Project Life Pre tax IRR Price Assumption AUD Opex/ mtu Pre tax NPV Capex Payback period 1 KIS 4.43m t 0.92% 4.08m mtu 300k t pa ore 14 yrs 43% US295 70c $129.80 $A 241m A129.2m 2.25 yrs 2 RFR 10.61m 0.17% 1.853m mtu 1.3m t pa ore 5yrs 163% US 300 71c US 115.63 $A40.3m A 11.3m 5 mths 3 TGN (Mt Mulgine) 140m t 0.10% 460k mtu pa 6m t pa 23.5 yrs 10.83% US300 70c US 92 $A422m A669m 4 EQR 47m t 0.12% 260k mtu pa 3m t pa 15 yrs + 60% US 290 $1 $A161m A53.8m 1.5yr
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Price($) | Vol. | No. |
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1 | 50000 | 0.046 |
1 | 21269 | 0.045 |
1 | 250000 | 0.043 |
1 | 150000 | 0.042 |
Price($) | Vol. | No. |
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0.048 | 80030 | 2 |
0.049 | 279592 | 1 |
0.050 | 180118 | 3 |
0.051 | 500000 | 1 |
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