Ann: Cape Flattery Silica Sand Project Update, page-4

And that NPV is based on the lower priced product spec, modest margins +> increase multiples with upgrading to low impurity FE. Margins around $A200m pa on the back of my envelope. That would put NPV on the moon.!!

This is a gem, that has 100 X potential.
If you can profit $A200m pa. What MC do you achieve ? With a capex requirement if $A65m for the base plant and another 25m to upgrade to higher product spec.

Absolutely golden sands.
DRX and MLM will be market darlings potentially.
Almost identical potential, except that DRX is a little ahead of us, but have a 60m mc.

All depends on market appetite for the high quality spec product. Otherwise as a base case its still a solid project margin of $A37m pa.

The base case is well understood, the upside case seems to have been missed by the market.
DRX is undervalued, we are massively undervalued.
imo.