The latest Bell Potter coverage stated Reward had a $20M NPV @ 30% interest
http://www.roxresources.com.au/wp-content/uploads/2012/11/RXL-05032015.pdf
Go to page six.
Now Rox/Teck have not undertaken any economic study on the Reward Zinc Project so how they got a $20M valuation @ 30% is beyond me. FYI - Bonya Copper is also valued at $10M? - a few copper intersections under an old mine shaft equals to the numerous intersections at Mrtyle and Teena and adds up to half the valuation???
It is sad how these broker companies can put in these figures and not explain how they arrived that the valuations.
Bell Potter have also assumed rox will increase dilution for needed capital and anticipate Rox will require an additional $7.5m equity over the next 12 months.
Ann: Rox Diggers and Dealers Conference Presentation, page-4
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