OK so as a rough estimate, we had 196,725,000 shares on issue...

OK so as a rough estimate, we had 196,725,000 shares on issue plus another 103.3 million options before the SPP, which issued a further 30,000,000 shares plus 15 million options assuming the shorfall has been placed. So we were at 226,725,000 shares plus 118.3million options. $4m @ 5.5c per would be another 72,727,272 shares. So fully diluted we will have somewhere around 418 million shares, (and will have received around 16 million in cash from options). If the FEC report is to be believed EBIT on 5ktpa is $7.5 million which is around 1.8c/share - substantially (28%) less than the 2.5c fully diluted EBIT/share indicated in that report, though if we work on 10x EBIT for a share price its still 18c/share which is a multi-bagger for most of us. The so called expanded case at 10ktpa would bring in 3.6c per share, and given production is sposed to pay for ongoing capex/opex and with $16million coming from options hopefully would have minimal dilution required to reach that point. So at 10X EBIT that would give us 36c/share in a few years time. Given MRL is still looking to add more brownfield sites, and given the potential graphene kicker, and the potential to expand past 10ktpa we may see the SP at up to 30x EBIT, so I'm thinking anywhere from 36c- $1.08 being feasible in a couple of years from now - without even producing or selling graphene in signifcant amounts. If we start selling graphene then things will really heat up, the FEC report has a 'graphene added' EBIT at 11.1c/share - though with upcoming dilution this will now be around 8c per share, again anywhere from 10-30 x EBIT for growth companies especially in the 'exciting' space of graphene would not be unreasonable so I would be looking for anything from $0.80 - @2.40 in that scenario, the market often acts a little irrationally. Of course this is kind of all a little bit of dreaming and some simplified scenarios and calcs, so probably take it with a grain of salt We shall see.