Ann: MTMP LIFE INCREASES TO 25 YEARS & MAIDEN ILMENITE RESERVE, page-21

@Troydt I get an OPEX of US $4.80 but when factoring in life of mine sustaining capital $6.91 (Perhaps I should have this as deferred CAPEX?)

Updating my previous back of envelope calculations I can get to within about 3% of TMT figures for NPV and EBITDA. So ill keep playing about to find my error.

Using TMT EBITDA and 203m shares on issue gets us Earnings per share at 89c
Also were currently trading at less than 10% of the NPV

I'll spend the weekend breaking down as much as I can and post anything interesting I find here.