So, an excellent research paper IMO - probably more thoughtful...

So, an excellent research paper IMO - probably more thoughtful and conservative than Hartley's.

Their summary, if I can reproduce it here, states:
"We value SFX at $294m or $1.05/sh based on a sum-of-parts DCF methodology with a nominal 12% WACC. Our price target is equal to our valuation diluted for our estimated $123m in new equity raised at the current share price.

Thunderbird provides ~80% of our asset value for SFX and we value the project at $289m or $1.04/sh. We have ascribed a nominal $10m valuation to SFX’s other exploration assets. We model a total of $123m in new capital, we estimate that an additional $10-15m is required to complete the study of Thunderbird and commence early construction work. We assume $100m in new equity will be raised to fund project contingency and pre-production working capital with the balance of the ~$260m project capital funded through debt and off-take prepayments."

QAs Goodonetwo mentioned, this says it all really!

Happy holding and topping up with a few more here and there.

Cheers

Cabe