Ann: Development and Exploration Update, page-318

Ten bagger break down from a 2 cent SP

Granville,
Recommence TSF – imminent
Commence mining ore grade material – imminent
Complete TSF – pending
Recommence Production – near term
First Tin sales from G2, including Inventory from G1 – near term
Merger/JV to extend supply to Granville processing plant – imminent possibility
Exploration to extend LOM at Granville, and additionally Big H, Hazlewood – 2019
Achieve ongoing supply for GPP to justify a PE of 10 – 2019-2020
Expansion of GPP capacity with resource – 2020

12 month valuation target of $50 million, equivalent to $5 million profit x PE10

Upside factors to the valuation include,
Tin price
Grade increases and improved recovery higher than 60% factored for G2, lowering costs
Increase production capacity of GPP to exceed $5 million profit per year

Current value realized in MC = $5 million

Taronga,
Bulk ore sorting trial confirming increased recoveries and grade increase indicator– pending
Upgrade PFS, NPV, valuation.
T1 particulars for commencement – pending
T1 commencing construction – near term
Offtake for T1 approx. 500-700t tin $5-7 million profit – imminent
Complete construction and commence T1 processing – March quarter 2019
Confirm grade increase to above minimum .20% for the resource with a target of .25% and possibility of higher- T1 2019
Upgrade JORC resource, NPV, Valuation
Extend resource which currently ends in mineralisation that has potential to increase in grade with depth as stated in the JORC announcement 2013.
Explore Torrington and JORC resource for LOM extension and complimentary NPV valuation – 2019-20
Offtake for T2 - 2019
DFS with upgraded and extended Taronga JORC resource, including LOM extension resources
and a decision to mine 2020

6-24 month valuation target equivalent of 50% of $50 million profit p.a. @ PE10 = $250m is conservative on completion of T1 and DFS to progress to T2

Future potential of Taronga project with an increase in Jorc Grade of .25%, recoveries greater than 90%, tin price upside, extensions to JORC resource and LOM from surrounding targets and credits, exceeds $1 billion dollars on approvals, offtakes and funding for T2.

Upside to valuation include,
Increased JORC upgrade during T1
Improved recoveries, lower processing and capital costs – confirmed during T1
Tin price improving revenues
LOM resource extensions.
New metal discoveries and credits (e.g. lithium at Torrington)

Current value realized at 2c share price = $25 million

Black Snake Plateau Nickel Province,
Drilling to confirm magnetic sulphide sources at Pembroke and Mt Cobalt - October
Further drilling at Pembroke predominantly to progress towards a JORC resource – near term
PFS for Pembroke with open pit potential.
Further drilling at Mt Cobalt and Mt Clara
Ore sorting trials to improve or be included in the PFS

3-12 month valuation pre JORC and PFS is speculatively $100 million, based solely on Pembroke sulphide definition success at high grades and long intersections as previously reported, with further drilling progressing over the 3-12 month period.

Future potential of the Black Snake Nickel Sulphide Province anticipating a Pembroke DFS, with additional Mt Cobalt PFS and surrounding areas upside exceeds 1 billion dollars on a decision to mine.

Upside to valuation include,
Grades of gold, copper, nickel and cobalt sulphides achieved at Pembroke and Mt Cobalt
Establishing a JORC resource for Pembroke of High Grade Gold, Copper and Nickel plus Cobalt credit
PFS, DFS upside after trial mining and ore sorting
Nickel, Cobalt, Copper prices over the next 5 years
Progressing to a decision to mine.
Mt Cobalt, Mt Clara, Silver valley JORC resource definition

Current value realized 2c share price = $10 million

Dilution factor,
Granville profits supporting T1 and Granville developments (possible part options conversions at 2c to aid in T1 funding)
LIND dilution at 3.5c = 100 million shares
Director and management fees of $1 million = 50 million shares at 2c average
Funding for Pembroke and Mt Cobalt, approx. 200 million options at 2c average = $4 million
Profits from T1 estimated between $5-10 million dollars with construction funded from G2/part options
Total cash available for the next 12-24 months,
$10 million plus profits from G2 (upside potential)
$5 million plus profits from T1 (upside potential)
$4 million from options at 2c (DGR, LIND, DIRECTORS)
= $20 million plus with current cash on hand.
Total potential dilution = 350 million shares or 17.5%

$400 million market cap @ 2.33 billion shares = 17 cents per share. with upsides as indicated

Coincidentally share price valuation came out similar to @mikez valuation.

The valuation is only in my opinion and from my own research, please dyor