Some debate about what the DFS could bring and the 4 to 5 times...

Some debate about what the DFS could bring and the 4 to 5 times the PFS comment JM made.
Just to put it out there, the PFS with it's super conservative selling price of $700t and all 233kt being sold at this price, then taking into account ADN's 75% share and 30% tax, ADN would earn over $42m NPAT.

Now with an industry PE of approximately 30 gives us a value of 1.27B which comes to over 57c on 2.2B shares.

I know we have gone through this before but some are questioning whether ADN could be overvalued by the time DFS is announced.
Debate over what JM meant "4 to 5 times the DFS". The hugely conservative PFS numbers alone show that once producing ADN is cheap at todays price. Let's not forget that the $700t price was at the extreme low end and that ADN have superior quality product that would command top dollar.

Throw in the cement and you can see the DFS will look much better, the amount of tonnes sold to cement industry is the unknown but JM has stated that they intend on selling MOST of the 233kt to the cement industry. With prices of $4,500-$5000t and 80% margin, whether the DFS is 1,2,3,4 or 5 times better than the PFS, todays price of 30.5 isn't overpriced IMO.