au recovery and cost estimates, page-5

Another thing to take away from your discussion with mike would be that he is looking at debt funding to some degree. I hope this is correct, as why else would you need the bankers approval?
I'm all in favor of taking on a bit of debt as the cash-flow will repay it quickly enough. And it will keep dilution to a minimum.
It would be great if bsm only needed to issue another 50m shares at say $1 and debt fund the rest. Of course we should have a lot more cash by that stage too. Future ebit of 125m divided by 250m shares would work out to be close to 50c a share.....or earnings after tax around 30c.
Nice figure to apply a multiple to, but of course I am getting a bit ahead of myself. Stage one and two first.