PMET valuation of 3.5bn aud based on:
- 120mt @ 1.2%
- first production 2029
- 4Mtpa plant operating with 70% recovery
Lol who writes this stuff. They'll have a bigger resource than that, should be able to get into production earlier, and their met work suggests better than 70% is achievable. (Remarkably, they attribute no value to PMET's fish.)
3.5bn / 120mt = 291m per 10mt
If WR1 can get 50mt at Adina (which seems likely imo) then just 200m per 10mt = 1bn aud.
The thing is, a smaller resource that gets into production earlier makes a mockery of these valuations. A hypothetical 2mt reserve @ 1.3% produced in 2026 and 2027 should provide ~800m aud EBITDA, based on conservative 1500/t margins.
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