+$700 million npv, stock must be +$1.35, page-6

Based on the 3B, Pittong is making a moderate loss ($3.04M receipts from customers, $3.24M cost of production) and would need to expand significantly to see it become profitable. The last quarterly looks $1.1M better than it would, because of a carry over cash from the acquisition of $1.1M. There's $1M a quarter in exploration, $0.5M in admin, and $0.2M operating loss; so 4 quarters of smooth runnings before the company opens the hat up for a top-up.

This is just the facts. Imerys didn't flick Pittong because it's allergic to profit.

The White Cloud kaolin deposit has an entirely different set of operating parameters, not least of which is higher revenue, greater volume (800%), and lower costs. But it's worth treating Pittong for what it is - a mine in serious need of major expansion...or closure.