Thanks phw. So unrisked conservative valuation is $2.35 (target March). Bullish scenario according to Euro is 40% on top of that, which should be $3.30. It makes sense as there seems to be consensus around here on a $3.50ish target upon commencement of the operations in a handful of weeks and having trucks "heding" towards Port Hedland confirming grading as expected.
Bonus is that though forex is down 8% of estimates, Manganese Ore has gone up 15% since early December, so should more than offset the exchange risk.
DYOR
Ann: Binding Take or Pay Offtake Terms Finalised with OM Holdings, page-62
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