Ann: Beyondie SOP Project - Commissioning Update, page-70

SP is a tough one.... there will be an element of "overshoot" on any positive growth story. then you have to factor in Australia is about to get smashed knee caps with inflation kicking in a bad way, which will lift the whole market, but trash our dollar (export winners/import losers).

So lets say base case 500mc is where S04 peaked based on the promise of a trial mine. I forget what their actual intended out put was though but I think its a smaller level of production then we are anticipating and we have a stage 2 which can kick off.

So at 500mc = 58.5c.

however, potash pricing is unknown but anticipated higher than BFS. then all my doom and gloom about inflation.

I reckon it'll hit the ceiling at 70c and then find a comfy landing place in the 60's..... then all depends on growth, margins and debt repayment. If they decide to pay a dividend, add another 10-15c.