From the term sheet. My bid is in. The phosphate project NPV...

From the term sheet.

My bid is in. The phosphate project NPV more than covers the post raise market cap and looking at the study there should be a lot more resource that can be included which extends the LOM and NPV. Phosphate prices have also been increasing too.

By my rough calculations, the phosphate project alone, which will be producing soon if they raise the funds here, will be trading at a P/NPV <0.6x. Add in additional resources and it probably gets down to 0.4x.

Obviously that totally ignores the copper project, which is like a massive bonus on top. That has a NPV of ~$110m and that excludes additional resources from drilling that will occur.

Combined, the group will have a P/NPV of 0.2x excluding resource upgrades for a soon to be producing and profitable business. Looks pretty good to me. Surprised there are not more comments and discussion on this one.