Ann: Edison Research Report, page-2

In our report on the Colluli PFS published on 7 April 2015, we estimated an NPV for Colluli of US$897m assuming the 30-year life examined in the PFS. With a very large 1.1Bt reserve now proven, we have examined the valuation impact of a 60- year project life. Under this scenario we generate an NPV of US$998m, which supports an NPV for Danakali shares of A$1.07/share (10% discount rate, 60-year project life supported by the 1.1Bt reserve)

Not bad upside of 132%! These reports are usually super conservative as well. I have no doubt we're sitting on a cracker with DNK.