Ann: Further Advance to Celamin Limited , page-15

tarecq how to you come to the conclusion of $4.

I would say based on anticipated figures and current RP price of $197.5.

$450 million would be tax free profit for first 5 years.
The other 5 years would incur 25% tax rate.

So my amateurish numbers point to life of mine profits at about $700-$750 million from only BEA and at current RP prices.

based on a fully diluted basis including cash from options and partly paids fair market value once PFS comes out should be $2 giving us a market cap of $350 million.

not taking into account other projects and future exploration in phosphate projects being expanded.

cheers.