RE:RE:RE:RE:$EMO Emerita Resources - David GowerThat is probably Varun Arora of Clarus Securities. He wrote the following:
Significant Upside Beyond Our Base Case Valuation: Our ‘Base Case’ valuation model for Aznalcollar is based only on the Los Frailes lens at Aznalcollar while there are multiple other deposits that could result in a doubling or more of our currently estimated mine life (~15 years). In addition, we apply a conservative 50% ownership-risk discount to account for the ongoing legal dispute over Aznalcollar. Our ‘Upside Case’ scenario, accounting for the resource growth opportunities conceptually bolsters our estimated Aznalcollar NPV5% by >100% to ~C$2.3 Bn and removing our risk factor results in a conceptual target price of $13.25/share based on 1.0x NPV.