NCU is cheaper now than the beginning of 2021NCU started the year at around $0.15 per share. The project had already been saved by $3.50 copper and the refinancing in July 2020. The mill had been tested to spec and the hoisting was well on the way to completion.
After that the lawsuits were settled and the commissioning progressed very well despite the need to upgade ventilation in accoradance with the re-arranged stope plan.
I argue that today's price is lower than the Jan 1 price of about $0.15 just based on the progress and de-risking, but...
add to that that copper is now $0.70 per pound higher than Jan.1 / 2021 and the price today is a give-away.
The underground mine will soon give 65 million pounds per year for decades. That $0.70 adds the entire market cap of the company if you use a value, derived from an 8X multiple.
The math: $0.70 x 65 million X 8 = $364 million.
That $364 million does not even take any added value of the future open pit into consideration which would be another four more (current) market caps down the road.
Cheers,
Notgnu