Based on the scoping study the project NPV was USD1.537b, once the PFS is released you’d think a re-rate towards say 40% of NPV would make sense? That would be $615m / A$900m at current FX rates and a share price of A$1.62 assuming Rio stay at 15%. The margin of safety looks quite tasty from these levels & you’d have to think funds will start to scale in over the coming weeks / months.
Ann: Rio to Invest $40.4m to Become a 15% Strategic Investor, page-20
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