Ann: Rex announces A$50M Placement for Hillside pre-development, page-28

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.

Sounds in

Spot Copper Price = US$4.5/lb. Gold = $1800/oz, AISC = US$1.6/lb

Cu = 35,000tpa x 2204lb/t x (4.5-1.6) = US$224Mpa /0.74 =A$302Mpa
Au = 25,000ozpa x US$1800/oz = US$45Mpa/0.74 =A$61Mpa

PE:10:1 = 10 x (302+61) = $A3.63B

With 10% discounting close enough.