Ann: West Arunta Project - Exceptional Luni Assay Results, page-332

Back of envelope PFS?
Resource:
Open cut pit 500m x 500m with ore body 12m thick = 3m cubic meters.
SG of ore @ 3.5 x 3m = 10.5mt

Grade = 2%
Ferro Nb (65%) = 210,000 tons
Mine life = 10 years @ 21,000 tpa

Price $40,000 = $840m
Costs (assume $20,000 per ton Nb) = $420m

Cashflow = $420m pa

Tax @30% = $126M

Net Profit = $294m pa

Capex (assume $250m, debt funded)

Future EPS (Assume 60m SOI including anticipated CR) = $4.90

PE ratio of 4 x EPS = $19.60 future SP
PE ratio of 8 x EPS = $39.20 future SP

The above calculations are realistic and conservative on known information, a lot could go wrong however, it is probable that as and if a larger resource is defined my figures may be extremely conservative.

A takeover target is probably on the cards!

All conjecture but makes me feel very positive.