Estimated year end NAV and discount to NAV is approx 79%Here is the estimated year end NAV, I calculated US 4.05/share which is Cdn$5.52 or a discount of 79.7% based on closing price of cdn$1.12 per share assuming the loan was paid back and we have US$20M cash or cdn.80/share. To calculate NAV Also took 12/31/18 closing prices on Corsa Coal and Inplay. The others investments the NAV is per last quarter except MTV we use PEA case from recently released 12/14/2018 technical report.
1. Cash. US$20M or .80cdn per share
2. 70% of MTV copper mine NPV US129M. US$90.3M
3. Corsa Coal. 17.1% = cdn$11.8M. In us. US$8.67M
4. Inplay Oil. 10.5% = cdn $7.0 In us. US$5.14M
5. Beretta. US$7.0M
6. Lac Otenuk. US$5.0M
7. Virginia Energy. US$1.8M
Total. US$137.91/34M outstanding = US4.05 per share
At this point expanding the copper mine is a no brainer and it will happen just a matter if we use our cash or get financing which should be easy to obtain given the short payback period outlined in the tech report. The financing should be announced any day and hopes this will rally. I’m thinking should be a 100% return from here till mine starts producing cash flows of US$34M in 2020 of which 70% is ours.