everyone has forgotten sfr and pfs anyday now., page-5

KS has previously stated that pa revenues $500m, EBDIT $350m & NP $250m were likely - we are conservatively trading at a forecast 3 times EBDIT ratio which is a pittance . Clearly recovery rates, copper prices and actual operating costs are further variables but we have a basis. The brokers have fleshed variations of these with their NPV calcs.
Dont get me wrong, I am a huge fan of the SFR orebody and potential - SFR are appropriately priced at mid $7s for their stage of development (I agree that the NPV is 10 ish), but they face development and execution risk.
Financing this project is a non issue as a result of the grade, multiple options and it could be as simple as Posco funding for an offtake agreement over the DSO, banks may not even be touched.
The Board are rich, of course they like a $7 share price but they do not want a takeover, the way that they spoke about TB & OZL in the January newspaper article smacked of arrogance - Egos are running amok. I understand that they dont want an OZL rep on the Board but here they are with a 19% shareholder who happen to own and operate the biggest Copper/ Gold mine in Australia and SFR are not utilising this expertise? even at an operational level( TB recently stated that the only info they receive about SFR is what they can "glean" from quarterly reports and that OZL dont understand what is going on - so how can we) IMO this is very deliberate.
My previous posts are repetitive unfortunately but TB agrees with me too - there has not been the drilling performed that we were led to believe would occur and that is very clear, SFR appear to have timed programs to have results coincide with a timeframe closer to production to enable a defense against an approach.
Someone please explain to me how the SP that is down 12% in 2 months in a generally bullish market (whilst copper rose from $4.25 - $4.60 down to $4.40) so close to the GO button, while we were going to have the mother of all exploration programs!!!!! - games are being played.