Round Oak processing of TBA ore, page-6

Equaliser if your estimated figures are correct of $62.75mio per year. Divide that by ordinary shares on issue (forget the mining call options as they are out of the money), of 725,724,350.

Lets divide, $62,750,000 by 725,724,350 equals 8.6 cents per share per annum by the current mine life which they are drilling to make it a longer mine life.

Sounds to me like at 3.4c a share its cheap as chips. That excludes the recent findings of Copper and Cobalt as well as exploring Burra which could both be JVed out so TBA is free carried.

That just my simple maths. You make up your own mind on what the value is of TBA.