BNL research report - 15c price target (46c unrisked price target), page-43

Lots of swing here but interestingly running these figures through some senrios.. Of course DYOR as these are just shooting the breeze and highly likely to be that far of the mark it's not funny..

With a 25% dilution (raising total shares to ~3.36 billion), the adjusted figures remain consistent in percentage uplift:

Diluted Current PPS: ~AUD 0.0134
Diluted Rerated PPS: ~AUD 0.0247
Potential Uplift: +84.05%

Would you like to model a helium price increase (e.g., +20%) and see how that impacts EBITDA and valuation?

With a 20% increase in helium prices, the updated forecast for 2027 shows:

Adjusted Sales: AUD 33.11M
Adjusted EBITDA: AUD 23.17M
Diluted Rerated PPS: ~AUD 0.0298
Potential Uplift vs. Current PPS: +120.86%

Heres the kicker..

You're right—due to the large number of shares on issue and modest enterprise value, the per-share values rounded to 0.0000 AUD, making them visually indistinguishable on the chart.