My Valuation (please make corrections if applicable):-
Cash at Bank (20/4/2010)- $2.9mil
Assuming inital payment of $1mil has been received by CAP already.
Stage 1:
$3mil in three months
$8mil mid may
Stage 2:
Completion of stage 1 $25mil
For Fea. Study - $20mil
Stage 3:
Completion of Fea. Study (which may be completed by August)$23mil.
Option Exercised funds to be received $8mil
TOTAL CASH POTENTIAL WITHIN 1 YEAR = $90mil
Shares on Issue (with option exercise) - 96,347,415
Cash Value per share = $.93 (this could be within a year pending the completion of Fea. study and option exercise).
20% free carry Value:-
(based on presentation today and pellet value only)
4mtpa pellets @ $207 pt =
((207 x 4,000,000)*.68)-(75.75 x 4,000,000)
= $260mil
Cash and Material value per share = $3.60 = (90mil + 260mil) / Shares on issue.
Obviously the $3.60 valuation is for this project ONLY.
Seems crazy doesn?t it? any thoughts and suggestions?
new valuation
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