RE:RE:RE:RE:RE:Geologist discussing drill results From their website:
"While this work has not yet concluded, the Company expects the initial capital expenditure estimate of the project to be greater than $4 billion. Effective post-closing, the Company intends to spend up to $300 million to advance the project ahead of a construction decision in the second half of 2022"
Capex is MASSIVE which is a huge risk for an acquirer. Remember that NPV assumes everything goes well; that they're able to process on schedule, without protests, or problems, or delays. So the low buyout price is in exchange
Also, using a pre-tax NPV doesn't make much sense, because the majors won't be using that. They have to pay taxes, after all.
Capex at Santo Tomas would be much lower due to the strip ratio, existing infrastructure, and near-surface resource. So it's less risky for a major.