RBC Capital Markets, September 24, 2018, says:
"Escobal Upside-Downside Scenario Analysis
Our view: We refresh our Escobal scenario analysis following the news
of the 4-stage, court mandated Xinka indigenous community consultation
process, and our valuation estimate for THO and the mine. Our base case
assumes Escobal resumes in Q4/19 with full production in 2020. At spot
Au & Ag prices we estimate upside valuation of C$5.00 with a late-Q4/19
Escobal restart and downside to C$3.00 assuming no value for Escobal."