General Comments & Banter, page-7539

Really hard.
And the PEA will give us a more precise answer.
But, if we assume...
in USD$
$15,000 per tonne revenue (assuming long term OT deal, hence a discount)
And $4,500 per tonne OPEX, then GP of $10,500 per tonne.

(This may be overly pessimistic, if AGY is negotiating a long term OT, then you would assume that the discount would need track with market price, they would be arguing that the Lithium price (all grades) can only go up from here).

Here is another tricky bit.
Under the JV deal, Puna Mining get 10% off the top.
But, is the OPEX being paid by Puna Mining or AGY?

Let's assume Puna Mining being the mine operator are responsible for the OPEX, then they take 10% of the GP.

So, AGY's GP is USD$9,450 per tonne.

Let's assume overhead expense per tonne of $1,500

(Sanity check, if they produce 1,500 tonnes per annum then that means $1,500 X 1,500 = USD$2.25 million company overheads)

So that means Net Profit (before Interest & Tax) of USD$7,950 per tonne (or roughly $11,000 Aussie depending on future exchange rates).

That's really rough and therefore probably not very useful.