Ann: Cleveland Tin Drilling Commencement, page-14

The reason the SP is not rocketing is that few brokers or institutions know the story.Those that do like BW Equities have
bought the register and this is why the share price has held up post the brutal consolidation.
A revised scoping study is expected by the end of March and I expect the scale of the project to be increased.
The company is locking in the development timeline and the serious financing talks will start soon.
I am expecting the scale of the project to be increased from 750,000 tpa to around 1.25 MTPA which will lift tin output to about 4,400 tonnes per
year.Costs will have increased so I expect development cost to move up to around $US75 million and production costs to move up to $US12,500 a tonne.At current tin prices that still leaves a margin of over $US34,000 a tonne.
The maths are simple 4400 x $US34,000=$US149 million.
That equates to a payback of 6 months!
Give the company a multiple of 4 times cash flow and you get a valuation of $US596 million or $816 million Aust equals $5 a share.
Sooner or later (but hopefully sooner) some clever investment banker will hear about this and realise that there are any number of overpriced lithium and gold stocks out there and making a share exchange bid for ELT is like buying cash.
All these numbers are based on Spain.Cleveland drilling is underway and there is every chance that the Tasmanian project alone is worth the current share price.DYOR