Very early here Barrier3 but anything for you old chap! Below is...

Very early here Barrier3 but anything for you old chap! Below is a well-researched earnings guide only. As always do your own numbers and this is not advice.

Below are forecast A$ numbers generated at different US$ Iron Ore assumptions but with the following fixed assumptions:

Production 1.33mt (Year 2, first full year of production)
AUD $0.76
Cash Cost US$60/t
Div Payout 70% (with a payout of less than 70% the cash accumulation simply burns a hole in their pocket)
Share Price A$0.07c
Market Cap A$154m
Cash on hand after the dividend payout

1		Iron Ore	Fe US0/t	Fe US0/t	Fe US0/t	Fe US0/t	Fe US0/t	Fe US0/t	Fe US0/t	Fe US/t
2	Production	1.33mt	1.33mt	1.33mt	1.33mt	1.33mt	1.33mt	1.33mt	1.33mt
3	EBITDA	$227m	$194m	$177m	$161m	$127m	$94m	$61m	$28m
4	EBIT	$222m	$189m	$172m	$156m	$122m	$90m	$56m	$23m
5	NPAT	$167m	$141m	$130m	$117m	$92m	$67m	$42m	$17m
6	FCF	$165m	$140m	$127m	$115m	$90m	$65m	$40m	$15m
7	DIV	$116m	$98m	$90m	$81m	$64m	$46m	$29m	$11m
8	DIV cps	$0.06	$0.05	$0.04	$0.038	$0.03	$0.02	$0.01	$0.005
9	Yield	81%	69%	63%	56%	44%	32%	20%	8%
10	Cash on hand	$71m	$60m	$54m	$48m	$36m	$24m	$12m	$0.34m
11	Spec Div Yr 6	$0.13	$0.11	$0.10	$0.09	$0.07	$0.05	$0.03	$0.008
12	Spec Div Yield	185%	156%	142%	127%	98%	69%	40%	11%

Regards

Pihrana