My price guesstimate is $ 1.79 by year end, and I am relatively...

My price guesstimate is $ 1.79 by year end, and I am relatively conservative person (have to be its MY money).

@Barneydig was interesting interview (B&B s one), a bit too staged for my thinking / liking, but for getting out there in the public OK. Me thinks your cash flows are just a wee bit on high side ($700M AUD), but close. I have some rough estimates myself, throwing them out there. Is difficult to be sure with so many unknows, eg Yahua offtake $$s, etc, but again a guess on my part.
Are based on Spod prices, so I run a few options through, so is kind of like "take your pick". Ooppss pic is supposed to be here....

Stage 1 Cash Flow.pdf

Spod Prices Options Stage 1.pdf

Then rough prices through spreadsheet and .... bingo .... another pic. Where this pic lands is anyones guess....

Anyway, my conservativism has me at $2500/ton for price, yellow colour, and yellow columns here.. from this based on PE of 8, I arrive at $1.79.