Ann: Investor Presentation , page-7

GoNuke, did you get a copy of the Alto Capital report on ATQ, dated November 2010? It carries out a detailed valuation on the three stages:
Stage 1: 400ktpa local production - 2011;
Stage 2: 1.5Mtpa feed for power station - 2014; and
Stage 3: 5Mtpa export - 2018.

Alto are assuming sale prices of $70/tonne for Stage 1, $65/tonne for Stage 2 and $100/tonne for Stage 3.

Once the 60% equity is taken into account, a discount rate of 12% applied, and it looks like a P/E of 4 used for earnings, Alto come up with a price of 55.7c per share, which is about where they are now.

So I think the next price increase triggers will be the start of Stage 1 mining, and then other company developments, as noted by Lefevre. I don't think Graeme Robertson is going to be happy with sitting back and waiting for the 4-year stages to roll around. 4 years is an eon on the stockmarket.

Good luck,
redfloyd