Morgans, page-3

Pretty sure 'MCP' is just a typo, and they meant 'MSP".

More importantly, based on their disclosed valuation approach (discounting cashflows, and then applying a further discount on Coburn @5%), it appears to be a valuation today.

Sometimes brokers use the term '12 months target price' as meaning they hope share price reaches their current valuation within 12 months.

If commissioning continues to go smoothly, this will re-rate strongly, way inside 12 months, in my view.

And yes, mineral sands prices, in AUD, have continued to increase, since CEO's last comments.