Another QB2 like transaction.

San Nicholas had a $1.5B US NPV (8%) when copper at $3.50 US.

From my understanding, they sold 50% for $580 US + Agnico is expected to pay another 50% of the remaining capex above $580M US... therefore possibly another $250M US?

In total, I would say they paid around 110% of the after-tax NAV at $3.50 US copper.

For SC, we would need a $4B US after-tax (NPV) to get $1B US.  Based on the PEA, I think there's a chance we can get in the same range as San Nicholas in terms of NPV with some improvements.

Getting $500M US would already be a premium compared to this transaction.

IMO.

MoneyK