Ann: AGM Presentation , page-18

That chart was posted some months ago on the EER thread by NTaylor and helps explain why believers in this stock tend to be so keen - you can do some simple maths to estimate what the SP would be if we prove up 2BT and the EV gets re-rated to around 50c/t (which still only gets us to around the middle-to-left of that chart). Its about $5/share. (Getting to 2.5BT valued at say $1/t and it starts to get obscene.)

The recent AGM address tells us that JORC should be completed in this quarter, and that a move towards mining licenses is then planned for early next year. All the bits in this puzzle are starting to line up the right way - the next 12 months could be truly wonderful.