(assumed spot 1500 per t, less 500 per t cost) * (pilgangoora +...

(assumed spot 1500 per t, less 500 per t cost) * (pilgangoora + latin resources output) * corporate tax rate / pro forma shares / buyback price per share

11.66% yield p.a. on current SP price or near enough

if we up it to $3.50 a share paid it drops to a 9.3% yield, but if PLS pilgangoora P2000 goes ahead

15.5% yield,

in my head if buyback + shorts collide I don't see a material buyback occurring in the low 3s because of the buying pressure,
I also think PLS will ultimately go ahead on the P2000

so my best guess is if a buyback went ahead it'd be ~15.5% returns p.a. once we are fully churning

this is just based on light napkin maths on the spod operations and not Latin's or PLS's other projects, so return could be higher from a buyback if processing and calix JV have meaningful impact - which I think they will

as always DYOR this is some monkeys maths