@nbbirch can't be troubled to post things like math or factsA...

@nbbirch can't be troubled to post things like math or facts

A year ago I posted my resource and revenue models, etc and settled on 1x est EBITDA from the high-grade core to arrive at my A$1.50/sh price target (or just around US$250m of US$1.6Bln undiscounted LOM).

Sprott and Foster Stockbroking have recently provided their models and arrive at similar price targets. While they appear to be more aggressive with their resource models, they use a 10% discount rate and 0.2 - 0.25 risk multiple to NAV. Their unrisked NAV10% is in the $1 Billion dollar range.

All of us have used very conservative Capex, Opex and recovery assumptions. We also completely discount the barite which would effectively pay Opex for an underground mine if a saleable concentrate is produced.

Bottom line, the margin for error is extremely wide.