SO4 vs KLL and KLL vs KLL120 - A Simple Model, page-7

Changes I've made:

• Final Plant and Mine Values look to be coming to about 350M not 400M, adjusted down.

• Kept depreciation at 20 years, not sure on this one as mentioned.

• Decreased royalties by 0.35%.

• Removed Sustaining Capex of 3 mil from Opex.

• Removed Corp Costs as it appears to now be covered by their figure.

• See note above on EBITDA and why it doesn't line up with "70M"

FCF improves by around 60%, which suggests 26-30c more strongly.

Debt Payoff still hovers over about 10-12 years which is quite slow but expected seeing their full Payback (which is on the full investment not debt, and in the BFS was 7 years). Makes sense with the Opex blowout that it should increase, as would the payback period due to the capex blowout last year too.
EV/FCF (@26c)= Around 24 which is high, but EV also includes value on Ecomag and Carnegie.

Dividends unlikely for some time especially if things are funded from cashflow, but those investments should raise KLL's value proposition.