Seymour Pierce in their research report last year had PBT at...

Seymour Pierce in their research report last year had PBT at $18.3M. They had Spod in at $310pt. Adding a further $50tonne on 137k increases costs by $7M. Admin costs seem to be running higher and finance costs are a little lower -call it a wash.

So PBT about $12M. Using an after tax run rate of $8.4 and 10 multiple - value $84M + Sel da Vida.

Lots of uncertainty, risks and unknowns. Add to this more funding requirments and the current price doesn't seem good value.