Ann: Company Activities Update, page-12

This is a sleeping giant in the making. Only it's not the company that is sleeping - it's the market.

Before today we were looking like we had the potential to be the world's largest producer of 4N HPA and one of the world's lowest capital and operating costs producers for 4N HPA. Now it seems that we may also have all that at leading purity levels for 4N HPA - at or near 5N purity. That purity is not only a big advantage in securing customer deals but it also has to help with customer pricing negotiations. 5N sells at US$30-50,000/t. What price might we get on 4N at near 5N purity?
Forecast annual free cash flow of $265mill per year at full production (US$25,000/t sell price assumption) with a mc of only $129mill. What an absolute bargain. In a nice strong uptrend but so much more upside available. Minimum 8-Disallowed within 3 years is my tip and given the leading cost structure and purity of product, A4N will probably be the best placed to increase production levels after ramp up is completed to meet fast growing demand. Not limited to just an 8-Disallowed.

ATC may lead us by a few months on time to production but on everything else that matters, A4N appears to be the standout leader when it comes HPA developers.

I can't find another stock I would want to diversify into at these prices.