Ann: Investor Presentation, page-11

We model an ammonium paratungstate (APT) price of US$310/mtu, and apply a20% discount to that price for a 65% WO3 concentrate and a 30% discount for a50% WO3 concentrate. Our long-term AUD/USD exchange rate is 0.65. Potential production of 500,000mtu could generate cash flow from operations – EBITDA –of US$50M per year.

This is courtesy of ScottM on another thread. Using current APT price of 415 USD and an exchange rate of 0.65, the EBITDA (415/310 /0.65) is around 102M AUD per year using the same analysis methods. Still have to get production up but that isn't bad for a company with a market capital of around $120 M AUD after the raise.