SPR 4.19% 80.0¢ spartan resources limited

Ann: $25 million Institutional Placement, page-156

  1. 5,107 Posts.
    lightbulb Created with Sketch. 2095
    That’s what I initially thought. However, the margin of 845 times 159,000 production equals the $134.5m EBITDA which means they have not included various costs (eg exploration, corporate, etc) to calculate the EBITDA if it was ASIC. The other alternative is that they have incorrectly calculated the EBITDA, profit and NAV. Take your pick as it’s not clear.
 
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