anyone go to the agm, page-6

thanks Guys. at an NPAT of $400 (and EBIT of circa $600m!), what PE would you place of a 20+ year mine life. Even after dilution (assume $2b is required which is very conservative - 50% shares at $3, 50% debt - then that would be circa 500m shares on issue.

A PE of 10 would value the co at $4b or $8 a share.

Now these are very conservative assumptions, as I think:
(1) the infrastructure will not cost $2b (this even assumes our own railway)
(2) a placement will happen north of $3
(3) more likely to be more debt than equity
(4) a JV partner may fund a portion for a guaranteed offtake
(5) we may finally get 3rd party rail access, at which time the capital cost will be way lower
(6) PE would nearly certainly be > 10.

And that is just from Marallana. 25 other tenements to go, with an experienced and FOCUSED team.

Patience will pay here people - no usual to find a "junior" at 16c / tonne about to upgrade the resource big time imo based on the quarterly and on the verge of the next major move.

The market is missing the point here imo, I dont think we are.