Ann: Director Appointment & Appendix 3X, page-14

From Hartley's Research report update:
"Upcoming catalysts for DNK
We view the negotiations for binding offtake agreements as significant, with
the Company believing that binding agreements should be finalised later this
year. Other possible catalysts include further optimisation study results and
advancements in financing.
Hartleys estimates Stage 1 EBITDA ~A$80m pa to DNK
We assume Stage 1 EBITDA of ~A$80m pa (DNK share), which should more
than double after Stage 2 (year 5). Our pre-tax NPV12 for DNK is ~A$570m
(project NPV roughly double). Consequently, despite the large capital
requirement, the project is highly economic. Our DNK base valuation is
$1.23/shr."

I don't know where March was plucked from but we don't have a crystal ball either.