I 'did the maths' on the Acoje & Zambales resources around a year ago. I came up with the following:
(All in US$ and using current Ni/Co prices)
For Acoje: Contained Ni metal 550,770t - metal value US$10,815m Contained Co metal 30,240t - metal value US$1,133m
Total contained metal value ~ US$11,948m
Applying 40% for attributed ownership and applying the following factors for perceived acquisition value I get the following:
Explorer @ 1.2% metal value = US$0.22/share Developer @ 2.4% metal value = US$0.44/share Producer @ 7.2% metal value = US1.33/share
For Zambales I get the following additions:
Explorer ~ US$0.11/share Developer ~ US$0.23/share Producer ~ US$0.68/share
Clearly, with the PFS completed and the work on the DFS ongoing, they should be valued (on an acquisition basis) more as a developer than an explorer.
Frankly, I am hoping RML makes it to production without being taken over or merged with ENK, as my forward calculations, once in production, look far more attractive than for the above take-out valuations.
The main imponderable remains the funding deal. I am currently assuming a similar deal with JXTC/TCC as for Caldag with the Chinese partners taking a c. 12% strategic stake, but perhaps it will not be so attractive.
