No-one has corrected me yet. It looks like the Ammaroo feasibility study NPV was done at about US$84 per tonne, near rock bottom of the phosphate price cycle. It seems the NPV had huge leverage to the upside but very little down. If prices were much lower global production would've fallen and people would have starved. Didn't happen. The big question for me now is "When will this be reflected in the share price?" and I think the answer is "When the secret gets out". I think management needs to do more promotion before we raise cash.
