Carbine has come a long way in the past 12 months as they completed an impressive PFS, agreed offtake terms for their copper sulphate and pyrite production as well as a new major shareholder joined the register (GR Engineering - completed the PFS). However there is no slowdown in the year ahead as a DFS will be released by the middle of the year and an announcements regarding project financing and a decision to mine will follow (TSI estimate - 2H16) before production commences next year. We value Carbine at $0.40 per share, however believe this valuation could increase up to $0.58 per share provided there is relief on the state royalty and the mine life is extended to 10 years (TSI assumption - 7yrs).



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