I don't know why we were down today. The quarterly looked great. I just did a few quick numbers (I think they are pretty accurate but can't guarantee, feel free to pick holes in it).
From the quarterly, NPV of value add project is AUD $1,355 @ Ni $16,530 and so based on today's close our market value is trading at just 23% of that. This is quite sensitive to changes in the Ni price as any increase is all profit.
If we assume a Ni price of $20,000, then according to my calculations, for a market cap = 23% of NPV we would have a share price of about $1.20.
23% of NPV seems conservative to me. This includes all the capital costs and contingencies but doesn't factor in existing cash, resource upgrade or ascribe any value to Jambi.
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