Ann: Mustang Recovers 460cts from Plant Startup-MUS.AX, page-17

Great post. I would be interested to know what the operating per tonne and carat would be. The $10M would be Revenue. In africa labour is cheap. If you used $50/MT all in costs that is around $9.5M costs so only $500K profit. Hopefully all in costs are around $15 - $20/MT, which is $4M in costs and $6M positive cash flows annually. If you use 5x - 7x earnings, then $30M - $45M market cap. Hopefully some of the other areas yield higher carat values.