Post DFS Price, page-64

Yes - straight from the horse's mouth, Breakaway Research didn't even speak to Paul.

PB has repeatedly said that the cornerstone investor (most likely Hyundai) will probably take 20%-30%, to a maximum of 40% (in his most recent presentations).

So, on their basis, 40% is worth a SP of 97c.

Taking a conservative estimate of us retaining 60% then, the SP should end up around $1.46 once into production, according to Breakaway.

I'd be happy with that, although knowing the full potential, believe it's on the cheap side for a company with a project worth a NPV of $4.9bn.

If you go by the NPV alone, the SP should be $3.76 x 60% = $2.26, which is more like it.

Either way, until binding agreements and Financing is in place, the SP is going to remain around 20c!

One thing that intrigues me, is how the deal will be put together. Are the Germans and Koreans going to want to play ball? I was under the impression this was going to be a predominantly Korean love affair. Is there a bit of game theory at play? We're now hearing the Germans are very keen on stumping up the cash for the Refinery, the major capex of $600m odd? What are POSCO going to come back with? They were slated in for the construction financing for most of the duration. Will they totally drop out I wonder?