Based on historical estimate of 1.2 B pounds of copper
1.2 X $3/CU LB = $3.6B
10% x 3.6 = $360M
360 / 414 shares = 87 cents / share
Some say 10% is too high; then using 6% still gives us 52 cents per share.
If the VD RE comes out anywhere close to the historical estimate, talk about being grossly undervalued at 12 cents.
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I think a different formula would needed here as it is kind of apples and oranges. I don't know what that equation would be, but it can't be the same IMHO.
SC is proven at the FS level (look how much different than our PEA) and VD will only be at the RE/pre-PEA stage. The firmer/more proven stage of the project, the higher the %? We did buy it based on the historical estimate for a million and change. The RE and upcoming PEA will add value but still isn't nearly equal a full blown FS.
With all the existing copper infrastructure next door (including a smelter that can handle our type of insitu solution and a large supply of sulfuric acid) it makes sense that a local miner would be the purchaser. I think it was Prospekt that brought this up earlier and it makes sense. Sure, anyone could buy, but it makes more sense to buy next door to keep your smelter fed?
Regarding permitting, I think the fact that the US gov. embedded the approval of the 'largest copper mine in north america' into a recent legislation as a strategic asset says Arizona wants to play ball. Even under a town, I don't think that will be the hurdle I once thought it would be. It is Arizona after all, not a highly sensitive ecological area. Very little surface disturbance too.
