I think we have to consider NPV at 5% discount a year (and 8% discount) both before tax and after tax. Not 100% sure on BC mining tax rates, but it looks like 28.5% (18 Federal, 10.5 provincial). http://www.nrcan.gc.ca/minerals-metals/business-market/mining-taxation-regime/3540
This is still a guessing game without the new BFS, but we can plug in some old prefeasibility numbers:
CUU PFS
PFS NPV5 pretax: $4.69 Billion x 0.715 = $3.425 billion after tax
PFS NPV8 pretax: $2.76 Billion x 0.715 = $1.973 billion after tax
NPV5: 3.425 billion x 25% (CUU portion) + $300 mm (Teck for exp.) = 1.156 billion
NPV8: 1.973 billion x 25% (CUU portion) + $300 mm (Teck for exp.) = 793 million
NPV5: $1.156 billion / 414 million shares (fully diluted) = $2.79 a share
NPV8: $793 million / 414 million shares (fully diluted) = $1.92 a share
The above are my rough calculations, and I see the above prices per share as worst-case minimums that don't take into account the new info we have coming. IMO, until we see an updated BFS (or Teck does) showing far higher NPV based on our new RE, new CAPEX, higher grade starting pit, reduced payback time, etc., there isn't a really strong case for $5 a share ... yet.
Again, just my opinion and still optimistic about where we are headed.New lands are worth something. New targets will be worth something, or a lot of something, if drill results prove what we hope for. I just don't see $5 a share for SC alone until the NPV is much better.
