Ann: Rex announces A$50M Placement for Hillside pre-development, page-25

Back of the fag packet valuation...Using AISC and production figures from the preso, a 10% interest rate in USD on $410mm of debt and putting a PE of 10x on the result, I get a market cap of around $2.5bln AUD. Dont shoot me for the unscientific nature of my calculations, but that equates to a SP of ~$6 Pre the cap raise, and only 23 years of mine life left. Happy to be corrected.

Also, why such a delay in FID? I have seen Glaciers move faster than this stock....