Valuation/ Re-rating Calidus Resources by the numbers..

By the numbers (correct me if i'm wrong). Based on what we know, our market cap is 152.2 mln, we get 42.3 mln in cash, results in an ev of 110mln.
Using a 5% discount rate and 30% tax rate, I get to a NPV5% of 344mln after tax using a 2500 AUD POG. Based on our current markercap, my target would be 1.40 AUD by 2022 (300% potential). This is excluded blue- goldspec + future expension of minelife.

My assumptions:
- Initial investment 120 mln AUD
- Production 8 years, 658.277 ounces @ AISC 1290 AUD, latest presentation
- Hedge 125.000 @ 2355 AUD
- Average POG 2500 AUD after hedge
- Discount Rate 5% (comparable with canadian/usa goldmines).
- Tax Rate 30%
- Marketprice = 1:1 NPV



If i add blue- goldspec, my target during 2023/24 is around 1.90 AUD (425% potential).

- Initial investment: 40 mln development
- Production of 30.000 ounces for 6 years @ AISC 1290 (*low assumption production/ mine life, high assumption AISC)
- Average POG 2500 AUD
- Discount Rate 5% (comparable with canadian/usa goldmines).
- Tax Rate 30%
- Marketprice = 1:1 NPV
- Cash 42.3 mln - payment 20 mln = 22 mln