my future value $1.65 to $2.20 per share, page-26

Also need to take into account the cost of purchasing the extra 30% of Mbila plus the capex required to scale up the plant to handle the 400mtpa. I still maintain it's a stretch to take the 400mtpa simply because it's the total EOIs we have.... IMHO for the sake of valuation targets in 12 months we need to use the offcial numbers already given.

However all of the above is not factoring in...

1. resource upgrades/more drilling
2. Kangwane BFS
3. The bigger picture asset play - I have always maintained the big money is in owning rights to more ground and then the takeoever by an elephant is IMO inevitable.