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Ann: Exceptionally Strong Scoping Study Findings, page-30

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Prisoner24601

2,284 Posts.

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23/03/17

13:50

Post #: 23574465
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Originally posted by Proctalgia ↑

Let's say the Scoping Study is 80% off target and to the downside (though the data for costs/prices/freight/LOM seem conservatively reported)...

NPV (pre-tax) is $500m less 80% gives $100m.

Let's say average tax rate at 20%, given significant accrued and ongoing deductions/depreciation.

Giving $80million cash NPV.

Divided by c. 243million shares (assuming options vest)

Gives 33c/share in today's dollars.

Could they possibly be 80% off in their scoping study???

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Better to use 30% tax rate, sorry, as maintenance already accounted for in scoping study. Not sure about prior yrs losses.

We still get a SP of 28.8cps if scoping study overstates our NPV by a factor of 5.

APC Price at posting: 12.5¢ Sentiment: Buy Disclosure: Held
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