RE:RE:RE:WHERE DOES THE DIFFERENCE LIE There's no difference to explain. Capit's aisc yield method and sprott's dcf method are effectively the same.
Capit used higher production numbers than sprott, but if sprott used 200koz they'd get very high share prices too. Look at sprott's sensitivity analysis on page 3, then extrapolate using higher production. The issue isn't the analysis, it's that this is a best case scenario.
For a counterpoint, have a look at sprott's first paragraph. Why would they model a scenario (right after a site visit) where the permit limits production to 1500 tons per day? Did they pick up some clues on site that the "conditions" that ascot will have to "negotiate" over the next few weeks relate to restrictions on mill throughput? If the permit limits the mill to 1500 tpd for some environmental or other reason, aot shares could be down 20-40% in a day.
"The B.C. provincial regulating authorities, namely the Ministry of Environment and Climate Change Strategy and the Ministry of Energy, Mines and Low Carbon Innovation (the “Regulators”), have recently issued to Ascot the draft Joint Permit Application Amendment (“JPAA” or “permit”) conditions for construction and operation of PGP. Ascot is currently reviewing the conditions of the permit and anticipates to negotiate and accept permit terms in the next several weeks, followed by final permit issuance. Receipt of the final permit will then enable commencement of full-scale construction activities including portal preparation and underground development."