Reading through the previous Steam Engine report, NPV of 79,000 ounces post tax was about $400 per ounce @ AUD$2,500 per ounce (therefore 16% net profit post tax). If the resource upgrade comes back at 500,000 ounces (pure guess on my part for the sake of the discussion), would this value at 16% * $3,500 per ounce * 500,000 ounces = $280million = 15c share price for SE alone? How would the market discount the PV of the expected cash flow?
Ann: Steam Engine Resource Expansion and Mining Study plans, page-90
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