Ann: First Shipment to Launch NAL Concentrate Revenues, page-314

I did a similar number today and with a PE of 20 (PLS is 26.8) and a lower earnings per share I came up with a number between 48c and 52c. Still a long way from PLS $14b market cap and $5b still wont fully value in any of our reserves or other assets thats just my fair value estimate based on nett income and earnings per share from NAL. My view is we will see enough of a rise to keep us in the ASX 200 and a continual climb until 2nd 1/4ly released. If they front end the PLL Spod as we expect that will leave the real income to roll in from January to July and right on queue I will be able to retire in 12 months.