They have also included an assumption of $100m unpaid capital of close to $100m or 29c per share. That must be for a capital raising planned down the track to move towards production. They have also assumed no debt and close to $55m cash or 16c per share. This comes to a total of $1.80, which is 3.5X current SP, but it's forward looking. AMX don't yet have that $100m capital, and most companies have to have debt, or sell assets to move into production. Of course if AMX can get a JV, debt becomes less of an issue. AMX now has $43m cash, but one could assume that the less cash it has, te more it is proving up its assets, so one doesn't need to tweak too much there yet.
At the bottom of p.4, it hows the history of Patersons' price targets, which have been falling. BUT, further finds can change everything.
I believe the PFS is due in July, so that is a further catalyst for price change. All AMX need to do is prove economic and profitability and they are on their way. I think the Albion Process scared some investors. There's some good info here on the issues Fairfax thinks need addressing by AMX:
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