$1.00 price target, page-11

Davo1

My Analysis is on BEST CASE.

My view is that by the time FAS raise $65M there could be as much as 2.5B - 3B shares on issue.

In order to get the $65M FAS will have to pay some enormous interest or give away the offtake at a massive discount.

Additionally FAS still have $10M in debt.

If we assumed that FAS had 2.5B shares on issue, no debt and had sold the offtake at $80/MT.

Under this scenario profit would be $20/MT, 50% FAS $10/MT.

$200M NPV/ 2.5B shares = $0.08/share

Interesting scenario.

DYOR