still raw, page-15

Thanks Heron,

Thumbs up from me :) but somebody thumbed it down! :(

Well base on your valuations, if the IGV is $4/t, infrastructure comes together (in progress) and CXM & JV's prove up to 500mt initially, CXM 40% share will equate to a value of $800m ($4/t x 200). This is six times the current MC.

Regarding the 2b resources target. Yes, common sense tells us that this will take time. Hence I did not include this in my calculation, but stated: "... a jackpot prize of $108m if they size up 2b tonnes..." Note that the $108m payment is not only at 2b, but incremental as CXM JV progressively proves up to 2b over four stages of payments.

I don't see CXM requiring a CR in the short term. Why would they? CXM is cashed up and there is financing support provided by WISCO. A CR will not only impact us Hotcopper dudes with micro holdings, but the Directors and the substantial holders be it W and B our JV partners.

This is a very interesting play.

LM