Has anyone done any projections on the share dilution following...

Has anyone done any projections on the share dilution following the Cap raise that will come for the move to production?

If there is approx. $675M needed for the first stage at 70/30 debt to equity ratio (my guess only), would mean $202.5M to be raised.

If that was done at say 5c (after DFS) then that would mean an additional $4.05B shares making a total of $7.8B shares on issue.

If the NPV of stage 1 is $669M then that works out to be 8.5c per share.

If we expect the share price at the current stage to be 30% of NPV (before DFS, funding, offtakes etc) then the share price (on a fully diluted basis) should be approx 2.6c.

So are we then in the ballpark for a fair valuation for the stage of the project?

Major assumption is the price that capital is raised at and a projected debt/equity ratio.

If I skip stage 1 and value the company using the expansion figures (1.985B capex, 2.069B NPV, Cap raise $595M @ 5c, Total SOI 15.7B) the future share price at NPV value is 13c and at 30%, today would make share price target about 4c. So quite a bit undervalued compared to today!