Alphamin Resources - Presenting the bull case

Edison's last note on Alphamin (Underlying results exceed prior forecasts, published on 6 December) was released using Edison's erstwhile long-term tin price of US$23,425/t applied to financial forecasts beyond Q421. At the time of writing, the three-month price of tin was US$39,020/t, a 66.6% premium to our prior long-term price. It is Edison's normal practice to use spot prices for near-term (ie quarterly) forecasts within the same financial year and then to use long-term prices thereafter. In recognition of the wide divergence of tin prices from our prior long-term prices this year, however, this note updates our forecasts on the assumption that the tin price remains at current levels throughout FY22. Note that this is the assumption on which our contingent valuation (below) is already based.

Den vollständigen Artikel lesen ...