price target 60 cent, page-3

Calculation with 80 USD/T

	Column 1	Column 2	Column 3
0	Metro Mining (at discount rate 15%)
1
2	Bx = US$/t CIF China	80
3	Discount for high silica content	-2%
4	Bx = US$/t CIF China effectiv	78,4
5	AUD /USD (long term plan)	0,81
6	CIF China in AUD/t	96,8
7	Shipping to china in AUD/t	-17,4
8	FOB price in aud/t (see PFS)	79,4
9	Royalties in aud/t	-7,9
10	effictive price sales price aud/t	71,5
11	operational costs aud/t	-20,3
12	operational magin in aud/t (see PFS)	51,1
13	---------------------------------------------------------	--------------------------------
14	Sales in MioT/Year	2,0
15	---------------------------------------------------------	--------------------------------
16	Gross Profit in mio aud/year	102,2
17	interest in mio aud (at 8%)	-1,4
18	depreciation in mio aud (at 10 year amortization period)	-2,7
19	EBT in mio aud	98,1
20	TAX (32,5%)	-31,9
21	Profit /year in mio aud (see PFS)	66,2
22	multiplier	6,7
23	Total value company	444
24
25	Capex in Mio AUD	27,4
26	borrowing capital in Mio AUD (65%)	17,8
27	new own capital in Mio AUD (35%)	9,6
28
29	Issue price new shares beginning 2016 in audcent	8,0
30
31	Shares old	288
32	Shares new	120
33	Shares total	408
34
35	Value in mio aud	444
36	Shares total in mio	408
37	Price Target in aud	1,09
38
39	actual price in aud	0,037
40	potential	2844%