Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-18

Fat coking price appears to be over $300USD. So 10Mt × ($300US (revenue) - $100US (costs)) = $2 US billion each year. That's $2 billion profit before tax in USD.

Not sure how the financing ($US300m?) will work - there might be a mixture of capital raise and loans so there'll be dilution. A $US150m capital raise would cause a lot of dilution if the market cap is still $100m AUD. Of course if we're at that stage the SP should be much higher. Probably reasonable to think share number will double and we will still have interest payments on sizeable loan (say $US30 million each year).

With inevitable delays and cost overruns I doubt any dividends will be paid until late 2026 at earliest. But assuming 1 billion shares and ~$2 billion in AUD profits after tax that means $2 per share earnings each year.

Bonkers. But we're not there yet.