Ann: Half Yearly Report and Accounts, page-281

Phase 2 loans are US750m (500+250) or about AUD1.12b..

Per the March Phase 2 Guidance Note ebitda projections are about AUD500m per year.

If you assume Phase 2 loans are over 12 years with a 2 year grace period that equates to AUD112m per year for 10 years plus interest as an example.

So all going well hundreds of millions left each year for potential dividends for instance. Still only about 140m shares on issue and hopefully dilution is kept to a minimum where possible through to Phase 2

And that's Phase 2 only long-term I see a Phase 3 and the x-factor is anything coming from the cryo-vacc