pre production finance, page-7

PB said in the interview, they are going to be a "foundation" investor (sounds pretty much like Woojin want to be a cornerstone investor from the off).

I can't see a great deal of dilution, and of course really hope things stay that way. It really depends what our other partners come up with. Ideally, the entire project will be paid for through advanced sales payments, which would be a remarkable result.

Rough alcomaths: - Woojin have agreed to paying 60% of the finance required to kick everything off. Money in the bank to the tune of cA$250 million dollars p.a. for Vanadium revenue alone, for the L.O.M which is expected to be upgraded from 20 years, to well over that.

Add 40% for the rest of the Vanadium, and then (roughly) double that income for their Titanium and other metals, and you’re looking at A$700m p.a. revenues, for 20+ years. I.R.R estimated around the 45% mark even at current prices (more?).

$14bn – $25bn project imho.

Now their market cap is $100m.

Say 45% x $700m = c$315m p.a. profit.

Multiply by 6 (using a few big miners as rough examples), market cap should be around $1.8bn?

18 times SP if they remain undiluted = $3.24.

Where do the broker reports stating 40c targets get their numbers from? They obviously don't drink enough.

Sweet dreams are made of this...