Ann: Creasys Yandal Increases Stake in APC, page-23

Annual pre tax cash flow of 100m over INITIAL 30yr mine life. Lets take off another $50usd/tonne for you as you think their SOP price assumptions are too high, (even though they have used a price of $550usd in FEED down from $614 in DFS. We also won’t consider that the exchange rate will likely be more favourable over the next 30 years), make it $90m annual pre tax cash flow to keep you happy.

NPV $614m in FEED. Knock another 10% off to appease you. ~$550m. Hell, knock off another 10% just because you would like to see the project fail. ~$500m

Soon to be fully funded. EPC contracts in place to protect against time and cost blowouts (which is another factor accounting for higher capital cost in FEED).

Market cap ~ $90m

It is grossly undervalued on potash alone.