market cap is almost the same to project npvper stockhouse number, market cap is C$221M
project npv@5% is US$348M or C$361M @1.04C$/U$
I dont think company will be able to borrow at 5%, 8-10% is more realistic, but silver price has gone up so I will just netting these 2 factors out.
capex U$339M, asssume 40% equity, company will need to raise U$135.6M or C$141M @1.04C$/U$. if equity is raise at friday's closing price, market cap will be C$362M after dilution.
so 362M market cap vs 361M project npv, I think BCM's share price is fully priced in.
more risk on the upside than downside at current price.
if you say silver will go up, leverage and buy silver future. the geology, engineering and production risk & reward of this project is priced in imo.