new val at $2.43, page-19

Hi (Lefevre),

Thanks for this excellent info.

The result did not surpise me, as people looked way too much lately at dilution, etc.. but failed to look at the fundamental of this stock, which is very strong in short and long term.

If you look at my last SDL valuation and have a look at different angle but using a realistic and conservative projection, SDL price goes well above $1 mark, using current Base case scenario with 415Mt DSO and 1,310Mt Feed Ore.

1. Production using 30Mtpa to 50Mtpa: NPV per share = A$1.30

2. Production using 30Mtpa to 70Mtpa: NPV per share = A$1.74

And above all, this valuation does not take into account any potential discovery for DSO and Itabirite, and using SDL conservative assumptions, which are:

Avg FOB price (DSO) = US$63.12/t
Avg FOB price (Concentrate/Pellets at +65% Fe) = US$66.30/t

http://www.hotcopper.com.au/post_threadview.asp?fid=1&tid=1255824&msgno=5715965#5715965

Cheers,
BS