Thanks @hinkler, good find.
I've only had a quick glance, so haven't got a complete opinion yet, but I can see examples of "rubbish in, rubbish out".
Their base case 3.98c to 5.3c, due to assuming a $42m capital raising at 1.9c. That's a 2-for-3 capital raising or one hell of a private placement and I just don't see it happening.
There's just no way existing shareholders could be tapped like that.
It also doesn't take into account prepayments as a source of finance, which is literally what the pilot plant is for.
I need to compare their numbers to my own, but a rough adjustment just for the capital raising would give 5.3c and 7.2c instead of those numbers.
Will have a proper look later.
Cheers
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