That is 52c is a short time TP based on a MC of 4m and a share...

That is 52c is a short time TP based on a MC of 4m and a share price of 4c
Long time wise If you use 49mil usd profit annually should be 44c
However I don`t think finance is the biggest hurdle now.Worst case scenario they can raise 5mil usd to fund the first smelter，which will generate 3.4mil usd with some debt or small CR to fund the second，which will generate 8.5 mil usd annually，from there they can self-funding the rest.Maybe a year behind their 8 smelters target but nothing else has changed.
Although there is still 99.9% of the chance they will use Pak`s money.Just happy to know project will still go head with or without it.