RE:RE:RE:For What It's WorthDon't get me wrong, I know why you chose a higher discount rate and I agree the cost of capital is different. I'm just saying that institutional investors and corp. dev teams use 5%. While 5% might not fit every project, that is how every project is modeled by market movers.
Barrick and Newmont get lower rates than 5% while juniors will be looking at something higher. The reality is that Skeena will get bought out by a major before this project goes into development, making Skeena's cost of capital much less relevant.
The reason you should use the same rate as them is because if you use a higher rate, you will see lower valuations as the fair price and wait to get in. Institutions will be buying before the SP drops to where you want to get in. Essentially you're just losing out on gains.
Barrick's back-in is what is stopping the SP from being $0.5 - $1.5 higher right now.