comments from robin bromby, page-6

OK

say NTU receive 35% of the basket price per kg for their 35% concentrate

1.44MT x 80% recovery @ 0.73% grade = 8,400t of REE

35% of basket price = $42/kg, best case

operating costs, say $12/kg, best case, since it is only a concentrate

margin per kilo = $30

with 5% royalty = $28/kg

8,400 tonnes x $28/kg = $235M EBITDA

CAPEX for 500kt ROM = $100M

Cash flow before tax & after CAPEX spend = $135M

Dream about 100% debt financing, add $25M in interest

Cash flow = $110M for 1.44MT at Wolverine

No tax payable because NTU already have $31M on losses

Free cash flow on say 300M shares = 37 cents per share

now the market is talkin'

small is beautiful, baby

good things come in small packages