MEP or ADN, page-366

DYOR. Opinions only. Not advice.

Until we get DFS it is very speculative.

For PFS, MEP share of NPAT is around $13.4M

Using bullish P/E due to growth profile $13.4M x P/E 20.0 = $268M mcap.

But DFS could be conservatively 1.5x numbers for PFS. That $268M becomes $402M mcap in production.

Hammerhead deposit could duplicate the first project. That gets us to around $800M market cap. Might be 2024 for this to start production.

We don’t have much data to guide us on likely annual production for nanotechnology. So difficult to estimate.