Hartleys did an update on 8 October 2019 and it it's on the APC...

Hartleys did an update on 8 October 2019 and it it's on the APC website under research. Here is an extract from the report.

VALUATION

We have valued APC using a sum-of-parts methodology, deriving a valuation of $0.23/share, which has been risked at 60% and fully diluted for the equity requirements of the development of the Lake Wells Potash Project (LWSOP). We note that un-risked our valuation increased to $0.35/share. We have applied a Discounted Cash Flow (DCF) valuation for LWSOP and the Company’s corporate costs. A nominal value was given to the company’s other assets based on their book value. The company’s cash was also added to the valuation. The Valuation Methodology for each segment is described in further detail below.