You are completely right on the first point. On the per share basis I am assuming Teck backs in for 75% but I forgot to add value this back-in obligation provides CUU. The way I see the back-in right is CUU paid ~$80M so far and Teck would need to pay ~$320M before CUU is obligated to pay its 24% of the capex. Since this happens in the first years I assume this is $80M (undiscounted) in value ontop of the BFS' NPV.
| High Case |
|
100% |
24% |
$/share |
| SC- FS |
NPV @8% |
$67M |
$16M |
0.04 |
| Teck's Back-In |
undiscounted |
|
$80M |
0.19 |
| Inferred |
undiscounted |
$1,488M |
$357M |
0.85 |
| |
Total |
$1,555M |
$453M |
1.07 |
| |
|
|
|
|
| Low Case |
|
100% |
24% |
$/share |
| SC - FS |
NPV @8% |
$67M |
$16M |
0.04 |
| Teck's Back-In |
undiscounted |
|
$80M |
0.19 |
| Inferred |
Est. @8% |
$201M |
$48M |
0.11 |
| |
Total |
$268M |
$144M |
0.34 |
On the second point I take into account the other metals. Au/Ag/Mo make up almost half the value ($9.66/t of the $25.17/t).
On the third point you have to include taxes. BFS includes taxes (Fed/Prov/Mining tax) as do all BFS and adjust for depreciation, tax incentives...
