Your correct that NPV has decreased due to softening IO price. But expecting this to be balanced by lower opex.
Also NPV is based off half the resources - there's the same amount in a lower confidence category- Meaning that they can probably mine twice as long as the DFS indicates.
However, even at a NPV = to the market cap it places VMS's other assets at a value of 0.
Resources Roadhouse: Andrew Radonjic of Venture Minerals. RIU Brisbane Resources Round-up 2019., page-38
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