Assume very roughly that overheads / processing costs eat 50% of sales, then total EBITDA is around $15M for 49.6% to AM7 of $7.5M (free cash flow) annualized. At 3x $7.5M EV is $22.5M. This excludes value of all other assets. IMHO should be currently valued at around $40M or 49 cents per share. Pending release of PFS and ongoing work at Bitterwasser (which has very significant upside). Please note that these are very rough guesstimate (do your own research). Good luck to all longs.
Ann: Construction funding secured for Swanson Tantalum Project, page-5
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