This time next year hopefully the fines circuit is being...

This time next year hopefully the fines circuit is being completed and we are doing 180,000t @ US$880/t (AU$1130). That is around $200M in sales. Production costs early stages but with fines maybe $600/t. That’s a $530/t margin or $95M per year at a run rate of 180,000t/yr. 50% to TAW makes it $47.5M. At a fairly conservative multiple of 8x that is a MC of about $380M. Or 2.5x the current share price. Now we should have some growth announced by then (a second DMS) so a multiple of 14x would not be unreasonable. That’s a MC of $670M or about 4.5x the current share price.

You do the math.