I think that is very unrealistic mate, at $.74 per share it...

I think that is very unrealistic mate, at $.74 per share it would have a market cap of $740M and debt of $200M so it would be a $1 billion company which aint gonna happen.

A couple of points you haven't mentioned are:

- the accuracy of the construction costs stated in the PEA is stated as +/- 50%, so at a A$200M the actual could possibly be +A$300M.

-the accuracy of the operating costs in the PEA is stated as +/-35% what would directly affect your profit.

"Process and engineering works for the PEA were developed to support capital and operating estimates (and following AUSIMM Guidelines for this study level), and given the preliminary and confidential nature of the plant information, the capital cost margin of error is ±50% on the ‘factored cases’ estimated figures, and operating cost is ±35%."

Also even if you received 100% funding today you will need to raise more capital to fund corporate costs so more dilution.

IMO