I've just finished updating my valuation on Balla Balla with more recent curves for exchange rates, Iron fines and Ilmenite and am getting $2.20 using a 11% discount rate on the assumption they will raise $500m mixed 70/30 debt/equity with the equity component raised at $1.20.
Potential upside to valuation on any upgrade to mineable resource over 270Mt and prospectivity of Yalgoo.
Heavily long and still buying.
Encephalon
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