Liest sich doch gar net so schlecht...;-)))
Das interessante aus diesem Report sind wie ich finde, die folgenden Einschätzungen...
Based on our calculation of share value of attributable resources (see table below),
our target for Colt Resources is $1.95
.
Since our last report, the following important developments affected our valuation model:
1)
The decline in the price of gold reduced the price target by $0.20.
2)
The rally in the price of tungsten increased the target by $0.30.
3)
The issuance of additional equity reduced the price target by $0.05
4)
The information provided by financial model of Option D in the PEA aided in fine tuning the timing and
the amounts of both cash flow and capital expenditures expected during the life of the mine, which
cumulatively reduced the target $0.25. The valuation model is quite conservative in that it includes the
development costs of two mining operations (gold at Boa Fé and tungsten at Tabuaço). In general, these costs are not usually incorporated into resource - based models. Removing the development costs would produce a $2.90
per share value of attributable resources.In August 2007, Japanese trading company Sojitz Corp. (2768: TSE) acquired Primary Metals Inc. (PMI:TSX V), the operator of the Panasqueira underground tungsten mine in Portugal. The purchase price was $51.4 million or 8.02 times book value. The mine produced 99,095 metric tonne units (MTUs) of tungsten in its 2007 fiscal year ended March and produced approximately 110,000 MTUs in 2011.
Just before its acquisition, Primary Metals received an updated reserve/resource estimate. Proven and probable
reserves were estimated to be 590,000 MTUs (2,430,000 tonnes grading at 0.243% WO3
) indicated resources were 748,000 MTUs (2,700,000 tonnes at a grade of 0.277% WO3
), and the inferred resource was estimated at 405,000 MTUs (1,810,000 tonnes grading at 0.224% WO
3
). Taking various factors into
account, specifically that Primary Metals was operating an active underground tungsten mine with a
processing plant and had been granted exploration concessions at Argimela (tin) and Quinta/Banja
s (gold) and that in the month prior to the acquisition, tungsten had been trading in a range between $240
and $270 per MTU,we estimate that the São Pedro das Águias zone deposit
alone would be worth approximately $0.35 per Colt share to a strategic buyer today. |
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