Emerging iron ore producer Kogi Iron supplies Nigeria’s steel market, page-10

Q1) Assuming a market cap of 50m USD ~ 62.5m AUD @0.8 forex with Leadenhall sp 10.5c without Leadenhall 11.5c.  However your question assumes that the company would not have had the equivalent dilution through Bergen which I think is wrong.

Q2) I have not done the valuation on a 10Mtpa plant but I have done the figures for 5Mtpa plant with different P/E ratios and a 180USD loan (ie JV or borrowed funds), with operation starting in 2019. Lots of assumptions here but I have tried to be conservative but still too many unknowns for this to be accurate, so please this is in my opinion only and is nothing more than hypothesized calculations.  The reason why FY21 is different to FY23 is that I have staged the construction of different plant sizes.





Q3) The above answers your JV question (Q2).  If sold for 150mUSD prior to production would be equivalent to 0.32AUD per share, @0.8forex.

All in my opinion and not trading advice, just remember I gave this information freely which means it is worth nothing.