SO WHERE’S THE PREMIUM???I must be thick as a brick!!!
Where’s the 1 X NAV valuation?
I guess you could say Zijin is paying full pop for upper Timok but what are they paying for anything else??? You guessed it...A BIG FAT NOTHING BURGER.
NOTHING FOR BISHA (which will get extended)
NOHING FOR LOWER ZONE (which has the possibility of being worth as much or more
than the upper zone for all we know)
NOTHING FOR US $125 MILLION CASH (which could be argued is needed for Timok upper zone pre-development costs BUT arguably does not figure in additional cash likely to be generated by Bisha...which you could also argue should be captured in Bisha valuation which under this scenario is not being paid for anyway). Oh, you could also argue the capex requirements are likely inflated by the 15% contingency of almost US $100 million. So maybe they should pay us for
our cash.
NOTHING FOR EXPLORATION POTENTIAL.
ALTERNATIVELY...as per my previous post...
You could say Zijin is paying CAD $5 for about CAD $6 of current NPV for the upper zone (~ 15% discount) per my previous post and nothing to 50% or 50 cents for every dollar of value for everything else NSU possesses. In other words everything else at a 50% to 100% off. Funny ain’t it. Kinda like retail clothing blowout sales except it’s not for clothes but for one of a kind copper mines over decades of exploring. But this sale sells some stuff for the special price of FREE!!!!
Take your pick and/or tweek the alternative for however you want to break up the CAD $6 but you ultimately come to the conclusion I already posted...that the CAD $6 essentially just a pays for the upper zone at 1x NPV in 2018.
So yeah, I know it’s me, I must be really thick in the head or not understand what PREMIUM means
becaude it sure is not a premium to NPV/NAV. And if NPV is not NAV then I have not seem that number disclosed in the least.
Could use use a little help here if I’m entirely mistaken.
Thanks.