$100m was just a reference point I made rather than it being meaningful.
If the Nifty reset plan is achieved, EBITDA will be well north of $50m a year based on the suggested throughput rate to be achieved during FY21 based on the current copper price (my estimates). So you are looking at a very conservative EV/EBITDA multiple.
And we are still not factoring any value for Rentails or nickel.
At 17c, I think my average has a decent margin of safety.
Hopefully, I'm throwing the knife from here.
Ann: Resignation of Director and Board Refresh, page-20
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