could fly on monday, page-16

Agree with your estimate that pre-tax profits of $300-400,000 per month equating to a PE of 10 gives a value of 10 cents per share (based on current numbers). IF Kwinana upgrades thermal plant AND increases capacity of Port Headland by 30% (according to Cunningham Securities) you can ADD $5,600,000-10,600,000 pre-tax profit that ADDS an additional 11 - 21 cents per share valuation (PE of 10) in coming year so TOX values at 10 cents within next six months and then 21 - 31 cents next year (fully diluted for options) AND is fully cashed up from option exercise for further expansion. Profit margins are over 50% and TOX has little competition due to licensing restrictions for toxic waste treatment.