People are throwing out numbers, but there's honestly still too many unknowns to put a value on this. I really thought that the BFS would clear things up but it seems to have made the waters even muddier.
How much do you value the inferred? The inferred alone will triple-quintuple our NPV if it was in M&I/Reserves and incorporated. If we had it, it would have been closer to the expectations most on the board had. So how do you value it? 80%? 50%? 30%? There's still risk involved and all of it may not be there and you still need to drill it which costs something in and of itself. I really have no idea. We'll still be taken out the question is for how much? A lot of that depends on how much the inferred gets valued at. If it's closer to 100%, $5 is still possible, but if it's closer to 0% $2 seems more reasonable. And anything in between. We currently just don't know though.
On the one hand, there are companies that have been acquired for only inferred, but for how much are we willing to part with it for? There's also companies that have been paid premiums for the exploration potential. The BFS is only for SC, we have a LOT more land than just SC and it will definitely be worth a pretty penny when they get around to mining it. How much is that worth? How much is the cost of getting rid of us? It's not a simple 25% of the mine value because we have aces up our sleeves. And even if it was, it's still not clear how much 25% of the mine is worth. Which valuation do you use, ROV? NPV? And again, how do you value inferred and exploration potential? How much is Liard worth? There's a relatively big difference in just one of the variables being changed.
In my mind there's still too many questions, if not more than before.
