Back of the envelope calcs why it’s the cheapest resource stock

What we know
38m cash AUD
inventory now 85k ( 51 last quarter plus 34 k produced and sold this quarter )
value at 560 AUD 47.6 m
so else have 85m already in cash and inventory and 20m in land
production next 12 months
300k at say a 300 margin
90m
that takes us to 175
minus 25m for tax
minus 25 for atlas move
and minus 20m for Fed dividend

so all the above can be financed while they maintain a cash balance of 100m
its clear to me that IMA will be able to fund Biddimina and grow inorganically with massive cash flow and thus IMA may indeed be a much bigger company over next 1- 3 years