Sorry. my bad, *cleans glasses... you said $20m, so 25ktpa = $2m...

Sorry. my bad, *cleans glasses... you said $20m, so 25ktpa = $2m and 60ktpa = $20m, so the extra increasing production 2.4 times increases the EBITDA by 10 times. The half yearly has the Cost of sales at $5.4m or $375t and Revenue at $7m or $485t. So if you annualised/doubled these it would be COS = $10.8 and Revenue = $14m (~29kt produced) EBITDA = $3.2m

You suggest the EBITDA is going to me $20m, so there is a disconnect between what is happening now which indicates a 60ktpa production will generate $6-7m. The only way is if the revenue would need to double un unit price and COS needs to drop.

IMO you are being a bit optimistic...