Bots, page-11

Yep given the recent pricing announced by Galaxy and the fact that we will probably be the next company to production by circa Jan 2018 I think the future is looking very bright.

I expect some hiccups along the way and a little bit of time to get to nameplate capacity. So let's call it 180kt produced in 2018 at sale prices of $900/tonne and opex of $300 tonne. That is $600 x 180,000 = $108m. Converted to AUD is $144. Say NPAT of $90m.

So even with a slowish first year to get everything humming we should generate enough FCF to be debt free, orrr we use that $90m to pay our share of a conversion plant with Lionergy/ON and upgrade our value even further.

This is probably my happiest holding in my portfolio right now. We might not be going up but I don't think we are going down much further either. Our base is probably in this 12-14c region. So as long as the market doesn't wake up I will keep accumulating. Still got bugger all compared to most of you I am sure but I have now increased my holding about 150% in the last month.