Ann: ABR Continues to Progress US Listing Strategy, page-111

Rock me

First year of production is 2021/2022 so with a LOM of 20 years we are looking at mining between 2021 and 2041. We will not need to wait until 2038 to find out the true potential of the mine imho.

You are correct with valuation against EBITDA (10 to 15 times) although some industrial metals are 20 times on the Nasdaq.

So 15 times earnings in 2025 (A$600m EBITDA) against SOI of 436.2m gives a SP of $20 in 2025.

Sorry but we are not currently valued for Phase 3 as you suggest, the share price is currently $1.80 against your suggestion of $20 for Phase 3 in 2025.
The market doesn’t just wake up in 2025 and rerate the SP 1000%, it will do it progressively from now until 2025.

I have not taken any SOI dilution into account but I believe it will be minimal and done at nearer $5 in the future.