Ann: Additional Information for Shares Issued Under 10% Capacity, page-12

Dougie,

I still have a faded (my printer was crappy and it's small font!) page of figures from a well known broker done in early 2015 projecting net earnings of $100m p.a., 3 years into production .... assuming a nickel price of US$7.42 (A$$9.79) ... their figures....
Total Ni concentrate production form LJ and BS was estimated at 15.3k t.... NPAT estimation was $100.2m. The share price at the time of this research was 17c...

So on a PE of 10, you'd be way under at $500mil MC with these figures happening

Kip