The silver grades and production are miniscule - copper drives this entire project, silver is pocket change - US$26/oz is huge too... I think what they have done with US$16/oz is sensible for valuation.
Resource discovery will drive this IMO, PFS base off 21mt @ 1.02% whilst 'potential' expansion case based on 41mt @ 0.86%... yet we have a JORC mineral resource of 36mt @ 1.14%.
Given the latest drill results - if we can firm up a 60mt @ 1.3% cu JORC in the next exploration campaign (not unthinkable).. this thing will fly.
The silver grades and production are miniscule - copper drives...
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