Discussion on SP, page-12

FWIW my rough rule of thumb for multiples for base metals is ~6x EBITDA OR 10% FCF yield (10x FCF). MLX (post expansion capex) will have high conversion of EBITDA to FCF given the tax loss position. I personally think LT tin price is A$40k/t (US$30k/t) and therefore you could be looking at a number much higher than 50c.

Note - there’s many dangers using a lazy multiple method on a mineral asset with finite resources/reserves. For example - it would make zero sense to multiply EBITDA by 6x on a resource that only has a 3 year mine life remaining (for example). Much dangers in this method.