Ann: Phosphate Fertilizer Project Update, page-120

On any reasonable multiple on your numbers (which are similar to mine), you could end up with a target market cap of around A$300mill with 153,000tpa (year 1 guidance) to around A$385mill at nameplate capacity. I.e. a sp in the 30's for stage 1 and a mc in line with the DFS project NPV - and that NPV was based on much lower volumes for years 1-7 before the big production guidance upgrade post Carrinho binding offtake MOU. The DFS NPV would be higher now.
The bears keep looking at nothing but the potential sp if production is delayed for a year but don't want to discuss the multiples of upside to come if the Angolan banks approve the last part of the finance in coming weeks and construction commences on time.