Ann: Gulf on Track for First DSO Sales, page-40

SP is all very dependent on securing sufficient financing. Assume no further issuance of stock and a fully funded build. If that eventuates then assume a base case DSO revenue stream of approx aud20mil per pair of smelters. Put on top of that a further aud25mil of earnings per pair of smelters - very rough numbers. All that you then need to do is work out what EPS multiple that you think is fair and then you find your target price. My own guess is that the market is always right in valuing assets - in this case though the whole business is very fluid and is changing on a day to day basis - what should be worth $.01 today could well be worth $.02 tomorrow if all the of the ducks line up - IF. As they always say “DYOR”.