thor's tungsten, page-9

Which is still quite tiny in comparison. I've done my own reworked figures based on the previous DFS results modified with current numbers and we are looking in the region of $90m EBIT/year. I believe mine life is quite short, something around 5 years so I wouldn't be inclined to give it a P/E in the 10/15 range but even at a P/E 2 thats $180m / 700m = 25c at production time

Excluding all exploration upside, all gold projects, and revenues from moly and iron ore (the iron revenues are potentially significant if they can be gotten to market).

Given all the regulatory business has been done before the only real risk I see is tungsten price crashing.