$1.00 price target, page-57

If you look at a number of miners in the Yilgarn there costs are around $50 - 60/MT FOBMV. That includes mining, haulage to rail head, rail costs, port costs, but does not include State & Private Royalties. SHIP was always viewed as a low cost operation due to it not being deep mining but shallow mining operation. I think $45 -50/MT is a good estimate. Shipping will be around $10/MT. I would work on long term AUD Selling price $90 - $100/MT. State Royalties $7 + Private Royalties $3. Gross margin $25 - $35/MT. FAS 50% = $12.5 - $17.5/MT. This assumes that an offtaker pays that price. If an offtaker pays $65M upfront he may want 20% below spot price, which could be $75 - 80/MT.