Just for the sceptics:625,000 tonnes per year at a profit margin...

Just for the sceptics:

625,000 tonnes per year at a profit margin of AUD100 per tonne is AUD62.5mln profit per year. That's AUD440mln valuation at PE 7. Divided by the shares on issue after the raise being under 900mln, that's about 50c per share.

So the sophs should get 10x within a year and those who bought at the highs of 20c at least a 2.5x.

Any profit margin above AUD100 is pure gravy.

What's not to like, that someone will get a bigger return than you?

I reckon it'll start rerating in February.