Category	Low	High

Long-term bond rate	3.9%	4.4%
Equity market risk premium	5.1%	6.1%
Adjusted beta	0.31	0.33

Additional risk adjustments	0.0%	0.5%
Cost of equity	5.5%	6.9%

Tax rate	26.2%	27.0%
Debt/Equity ratio	0.02	0.02
Cost of debt	5.0%	5.0%

After-tax WACC	5.4%	6.8%


Selected WACC	6.1%

CSG.H.V WACC - Detailed calculations of Beta

		Debt/Equity		Unlevered
Peers	Company Name	ratio	Beta	beta

CSG.H.V	Cosigo Resources Ltd	0.02	1.63	1.61
GBE.V	Lifestyle Global Brands Ltd	1.57	1.04	0.48
GDX.V	Goldex Resources Corp	0.53	-1.59	-1.15
JUB.V	Jubilee Gold Exploration Ltd	0.04	-0.03	-0.03
PPX.V	PPX Mining Corp	0.19	-0.26	-0.23
RBYC	Ruby Creek Resources Inc	0	0	0
RTG.TO	RTG Mining Inc	0.01	-1.28	-1.26
VAX.V	Vantex Resources Ltd	0.28	0.02	0.02

	Low	High

Unlevered beta	-0.07	0
Relevered beta	-0.03	0
Adjusted relevered beta	0.31	0.33

CSG.H.V's CAPM model and how its cost of Equity is calculated

The Cost of Equity reflects the return a company needs to deliver to shareholders to justify the risk of investing in its shares. It’s computed using the Capital Asset Pricing Model (CAPM), which blends the risk-free rate, the stock’s beta, and the market risk premium.

This method evaluates the stock’s risk compared to a safe investment and the market’s overall volatility.

Here’s how we figure out the cost of equity for CSG.H.V:

cost_of_equity (6.20%) = risk_free_rate (4.15%) + equity_risk_premium (5.60%) * adjusted_beta (0.31) + risk_adjustments (0.25%)

We include the risk adjustments, which range from 0% to 1%, to keep our WACC conservatives, especially for companies traded in developing markets.