GRR Valuation, page-94

Numbers with no discount!

	ASX GRR
1	Shares on Issue	1,157,338,698.00
2	Cash / Receivables at 31/3	$332,020,000.00
3	Cash / Receivablesvalue per share	0.286882311
4	Debt	0
5	Current Net Position	$332,020,000.00
6	Share Price	0.75
7	Market Cap	868,004,023.50
8	Assumed production costs (AUD)	$113.00
9	Life of Mine/Production asset (years)	10
10	Pellet price AUD	$420.00
11	Earnings per tonne	$307.00
12	Likely annual production rates	2,510,000.00
13	Assumed EBIT	$770,570,000.00
14	Tax of 30%	$231,171,000.00
15	Earnings after 30% tax reduction	$539,399,000.00
16	Earnings per share	0.47
17	Assumed PE ratio of 5	$2.33
18	Assumed PE ratio of 5 + cash at 31/3	$2.62
19	Assumed PE ratio of 10 (life or project) + cash	$4.95
20
21	No discount on PE of 5 + cash	$2.62
22
23	No discount on PE of 10 + cash	$4.95

Again all my opinion not advice, speak to a professional as i am not one and I may have missed something, all my opinion and rough back of envelope calculations etc etc