Ann: Executes Second Off-take Agreement, page-16

Another snippet from Euroz


"Analysis
IMA is poised to enter the mineral sands market at the perfect time with forecast
strong prices and minimal new supply on the market. We are pleased to see that
all conditions for the debt drawdown have now been met.
The low capital cost, short lead time to production and strong forecast cashflow
in the early years makes IMA an attractive investment.
As a conventional mineral sands project with standard off the shelf processing
this risks are reduced compared to some of the recent producers/ramp up.
Mining and processing of 3.5mtpa is relatively modest (MDL – dredge mining at
50mtpa).
IMA liquidity has improved since the funding announcement with 29m traded
in the past month compared to 80m in the past year. We expect this trend to
continue.
Our valuation has increased slightly to $0.21/sh but we see upside risk to this. If
IMA can deliver forecast EBITDA of ~ $100m in CY’20 then we expect a material
re-rating as EV/EBITDA multiples of <1x do not usually last"


I think $0.21 will be hit within the next few weeks as there is little depth.

That's a 50% gain in 3-4 weeks coming up to commissioning.

With limited supply those buying and tomorrow I think will do well short and long term.