Good sets of numbers...the only problem I see in these scenarios...

Good sets of numbers...the only problem I see in these scenarios is that they won't have just 64 million shares on issu. They'll need say A$50mn to 'develop' the mine's for the phosphate...there will need to be some equity even if they are in 50-50JV.

They may not, perhaps they might get free carried, then your numbers would be right on those scenarios, and they would get thri free carried %...

All looks nice...