Remember the PFS was based off 500ktpa, whereas the DFS will be 250ktpa for years 1-3 (albeit with a higher margin product).
Base case with our BOAs should see ADN closer to 40c than 20c, using a PE of 20. Few assumptions there as we don't know PRM sale price (assumed $1k). Anything extra (DSO, concentrate) will only send that estimate up.
An NPV > 700m and we cement our valuation heading back to a $1b company in the future.
ADN Price at posting:
18.0¢ Sentiment: Buy Disclosure: Held
