RE: RE: RE: RE: RE: RE: Valuation estimate It doesn't appear you understood, so answer this question: Do you mean 25% discount on mt or mtu basis?
What grades you imply for W concentrate and APT concentrate?
Hint: https://www.metal-pages.com/metals/tungsten/metal-prices-news-information/
Consider this: LGO Northern Dancer APT plant operating costs are $1300 per tonne 50% concentrate. 65% concentrate sells for $21000 per tonne. -> Operating costs per MTU WO3 would be something like $20 per MTU.
Now 25% of $400/mtu revenue would imply APT plant takes $100 per MTU. Against costs of 20/MTU. With that profit margin world would be full of APT plants.
My guess is you're not taking WO3 content difference of APT and concentrate into account.
-> WOF will not lose 25% of revenue to the APT plant.