TAW Charts, page-961

People including Mark Calderwood have said that the resource could be as large as 100Mt, I would conservatively be happy with 50Mt across Bald Hill and Cowan. If they can even turn 60% of that into reserves that gives 15 year LOM at 2Mt. That is more than enough to warrant blue sky on current MC.

That would represent something like 150Kt at A$650 margins attributable to TAW. EBITDA of $97.5m. Expected capex attributable to TAW to get to that point might be $50m.

Gives a pre tax NPV10% of something like $630m. Not even close to fair value yet.