Ann: Share Placement, page-24

Rando, Funny we were both thinking of peer comparisions at the time.

A good one that is say 2 years more advanced than KFE is SFX
Sheffield Res.
Its not steel but zircon and ilmenite but requires $250 m capex.
Its in Aust so no soveign risk.
Current mkt cap $157 m with $31 m in cash.  Therefore EV $126 m

Bankable feasibilty studycomplete March2017
Many offtake agreements in place. Actually 50% of stage 1 production.
CR $32 m placement.
Debt finance to $200 m in place.
328 bed accomodiation village has already been acquired and ready to install.
All approvals were inplace, but there were legal issues over a pre-agreedNative Titles ..
Mkt cap peaked at $180 m before the recent Native Title issue.
http://www.sheffieldresources.com.au/irm/PDF/2965_0/QuarterlyActivitiesReport

KFE overall project may be larger, but stage 1 similar.
KFE project potentually more profitable (if phosporous can be successfully extracted)
KFE capex $320 to $340 m
Phosporeous ore processing technology debatable. DR is closing down is other parts of the world.
single (possible second) coal source

So in 2 years after BFS, offtake agreements, several CRs,  debt finance in place, the mkt cap or EV just prior to physical commencement may be $200 m
Thats not accounting for Nigeria sovereign risk.