Ann: Appendix 2A - Exercise of Options, page-41

Short-term movements aside, one thing for sure ... ADN I expect to definitely rip higher in the next 12-18 months.

My peer analysis suggests companies in this segment run at an average P/E of 35.0, excluding the outlier which is PET at 59.0.

At approx $40M free cashflow, a P/E around 35.0 would put market cap in the $1.4B range ... . At P/E 35.0, assuming fully-diluted shares 2.61B my calcs suggest an SP up to 55c.

DFS will undoubtedly improve on those average annual NPAT numbers ... question is by how much. We should find out in December.




Bottom end of the P/E range would still sit at a relatively bullish 19.2 and an SP around 29c.

We will probably have the Mt Hope project ramping up production about 3 years behind this one too. A nice bit of upside to keep price sentiment strong and that upside is just the start.