Only assumption not listed is 0.66 exchange rate AUD/USD
Using those numbers, with some pricing assumptions, I have us at 200m AUD profit a year, putting project payback at ~4 years.
Assuming there was only vanadium going forwards after that point, with 10B shares on issue at mine commission (current is ~7B), that would have earnings per share at 1c a share EBITDA. Pretty good against a 1.4c share price with more years of Ti02 and Fe60, major uptick in vanadium price etc. all to be priced in
real rough back of the envelope with many assumptions, NFA/DYOR, but on the right track I believe
Ann: 39% Increase in HG Measured and Indicated Mineral Resource, page-43
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