Category	Low	High

Long-term bond rate	3.9%	4.4%
Equity market risk premium	5.1%	6.1%
Adjusted beta	0.9	1

Additional risk adjustments	0.0%	0.5%
Cost of equity	8.5%	11.0%

Tax rate	26.2%	27.0%
Debt/Equity ratio	0	0
Cost of debt	5.0%	5.0%

After-tax WACC	8.5%	11.0%


Selected WACC	9.7%

CUR.V WACC - Detailed calculations of Beta

		Debt/Equity		Unlevered
Peers	Company Name	ratio	Beta	beta

CUR.V	International Consolidated Uranium Inc	0	1.69	1.69
AQA.TO	Aquila Resources Inc	0.02	0.88	0.87
BBB.V	Brixton Metals Corp	0	0.43	0.43
CNX.V	Callinex Mines Inc	0	0.15	0.15
ENDR.V	Enduro Metals Corp	0.05	0.88	0.84
GIGA.V	Giga Metals Corp	0.01	1.17	1.16
HUD.V	Hudson Resources Inc	0.04	0.64	0.62
NZC.TO	Norzinc Ltd	0	1.57	1.57
SMD.V	Strategic Metals Ltd	0	0.89	0.89
VLI.V	Vision Lithium Inc	0.01	1.63	1.63

	Low	High

Unlevered beta	0.86	1
Relevered beta	0.85	1
Adjusted relevered beta	0.9	1

CUR.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 CUR.V:

cost_of_equity (9.75%) = risk_free_rate (4.15%) + equity_risk_premium (5.60%) * adjusted_beta (0.9) + 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.