potash junior stocks, page-19

riddle me this,

(from the elm press release thread)

"The net present value of the project (at a conservative 12 per cent discount rate) is put at $990 million, while Foster Stockbroking in Australia reckons Elemental is worth $2.80 a share, or $680 million."

Does the clown who came up with 2.80, base it apon current issued capitol?

The 1.7b capex required?

the current mc of 157m,

What capitol dillution is going to occur to achieve the funding required?

Or project dillution?

Some considerations.

If the project is NPV of 990, and just for instance ELM end up with a 25% free carried share, and no further capitol issued, with JV partner puting up the capex.
Then the NPV for ELM is 25% of 990 or about 250m ?

What is the goverment share of the project? how much does ELM actually get? what are the royalties? I recall seeing it once, but cant find it again, they dont seem to put that info in the presos, which clouds the bottom line.