General Discussion Topics, page-117586

That was an excellent listen Mega and I've applied some calculations averaging the low end of expectations on the unallocated sales of US$2800t and the PLL offtake at US$810, less DFS production costs of US$700T , a higher exchange rate and at 226,000 tpa nameplate.

That comes up with an average margin of around A$1550t before tax (unlikely to pay any tax in the first year)or revenue before tax of around A$250m for our 75% of the JV , around 2.5c per share, apply whatever PE ratio you think is realistic for a shareprice, PLS is currently around 6.

There is considerable potential for upside here and limited downside IMO when averaged over a year but the reality is we can't predict the future so is guesswork but at least we can put what we think is a conservative estimate based on a Company that does research and wait and find out. Despite the restrictions of the PLL OTA an average margin of A$1550t is still huge and something that a producer of Iron ore would die for...

Anyway I'm extremely comfortable with our situation, being debt free, we'll cashed up, producing and a lot of margin to play with...I have my own opinion on fair value based on the above but will leave it to others to make their own, a lot can happen in a year...I prefer to to be supprised to the upside.
As a producer our shareprice will have a close correlation to the price of concentrate , the only other way to increase revenue in the next two or three years is increased production and that's looking likely, in the meantime drilling continues to add underlying value which is good if M&A comes into play.

The first priority for SYA has always been revenue, we are screwed without it , that milestone has been reached in record time so now we can start to consider downstream, it's not a fast process but SYA is faster than most ...

Cheers Whisky