valuation commentIf III was mark to market on enterprise value like oil stocks, III would trade in the pennies. The "value" here is future enterprise value will be when Mt Polley is back up and running with a new mining plan that includes the resources, and Red Chris at name plate capacity. The 100 year reserves and resources are meaningless as beyond the life of the facilities, they discount to zero net present value. When in full production, THEN III will trade at mark to market on enterprise value on gold and silver prices, or prices III has hedged at, and until a brown fields expansion is undertaken at Red Chris.
Short positions as of May 15th:
| 2015-05-15 | 623,886 | -30,335 | 74,970,268 | 0.83 |
With 623,886 short, will be interesting to see if the shorts take advantage of recent bad news
and do some covering, or if they add to the short position......
I personally hope the shorts add to their positions, pushing the share price down as far as they can, which would help to set as low a price as posslble on the rights offering:-)