RE:Book value of TV
@Arturo2020 first of all: good you ask your questions before making an investment decision. The valuation of a mining stock is a complext thing and in general different in between mining stocks: you cannot evaluate an explorer or a developper the same way you evaluate a producer. And you do not evaluate a loss-making company the same way you evaluate a profitable company. The easiest to analyze is a profitable producer: you look at the reserves the company has and the market price (you have to chose the market price you find the most probable) for the next years and then you calculate the future net profit that these mines have for the rest of their mine life. Is this a sure thing? Of course not, as the price of the commodity will change and the reserves can change as well (resources can become reserves or suddenly the company tells you that mine life ends at year end like in Santander). But thats about the best way to look at things for a profitable producer. For a developper and even more an explorer the way to evaluate things are even more complex and even more uncertain, the more uncertain reserves and resources are, the more speculative. Even with a producer, you can always have a whole bunch of surprises - negative ones, but also positive ones of course. As for TV, the book value of Santander has been adapted for Q4, so I guess no further downside, same for Caribou. As for Rosh Pinah, I guess numbers should be quite safe, same for Perkoa. Upside should come with RP2, but not this or next year. Perkoa does some exploration and has a huge land package, but I personally dont factor in anything positive right now (surprises are always possible). So as for me right now I see a relatively reliable resource base and a projection of zinc rising to all-time-highs in the next 2-3 months. This should deliver the numbers @firecracker74 just wrote: a nice positive free cash flow and the possibility for TV to shoulder the money needed for RP2 just with their cashflow and without further debt or dilution. It would be a nice question for management this week how they re planning their financials for RP2 now, given the high zinc price. I guess I will ask that question to them.
Ah.. and as for your question: current book price will have to be adapted once TV puts the higher zinc price in their balance sheet. Right now (as far as I remember) their balance sheet zinc price is around 1.15 USD/lb.