Ann: BKT Confirms 25% increase in Measured Resources, page-35

Stage 1 funding left as shitforbrains mentioned is US$61m or about A$86m at current. If you assume 70/30 debt to equity split means we would have to raise about $25m. If we can get that done at 25c that would be an extra 100m shares. Let's round it to 135m to leave some WC etc and call it 1bn SOI at completion.

Stage 1 EBITDA is around A$90m moving up to A$400m by time at full scale. 84% of that being BKT share.

So if you assume $250m MC at 25c that would be around 3x stage 1 FCF and less than 1x stage 4 FCF.

As I mentioned the other day for what probably ends up a 50 year resource these are tiny multiples. Some Li plays trading at 20x EBITDA multiples. I am not going to do that math because it just sounds super rampy and cringe. Let's go for 8x FCF as an early goal.