Under baseline? The restart study projected life of mine (LOM) revenue of A$628m and annual free cash flow of A$25m. To give an example valuation - I run the following script daily, which inputs the current commodity prices and exchange rate into the 2015 restart study.
It doesn't take into account the resource upgrades that have since been announced, or that mill throughput is scheduled to double early 2019. It also makes the conservative assumption that costs have increased at the same rate as concentrate prices.
Current throughput is inline with the restart assumptions, so it's a reasonable guide to see how RVR's share price is tracking compared to various external factors. In comparison, when the SP was 40c, the script was outputting "fair value" at 50c.
