Liked your threee valuation options---on the three Projected forward Revnues cases; namely:- $50m, $60m & $70 Millions; and your extrapolated 3 Net Present Values (NPV's); with the appropriate 10% discount rate.
Guess Lenin; I'll plump with the middle one, given waht the Feasibility Study says.....And even that is on conservative side, but heh that is also a bit subjective.
Also agree Lenin; with your 50/50.... Debt/Equity Finance Assumption, yep 100% would be nicer;..... but......
And of course Lenin; I note that your translation of extrapolated fair value corresponding GXY share prices; stillomits the Value of the Other Mining Projects, !!!---so I guess we add 25-28 cents.....a GXY share to your Base Case; ???.
Just quickly too Lenin; One other just as compelling element as: "Proof in the Pudding" --and as compelling as the PFS in a way; was the increase in State One's Equity's own GXY Holding by an additional 5% of the Register; from 9.96% of the GXY register, to 13.25^ of their register, announced on 29/10/07.
Many thanks Lenin for your Mt Cattlin--GXY--Spreadsheet and the work you did with this.