OK some more research, refined the rough calcs, and come up with...

OK some more research, refined the rough calcs, and come up with below:

Assumptions:

- Global average Alumina content per ton of Bauxite approx 35%
- Average price paid for Bauxite of this grade. $50/t
- 25% Alumina content QBL 30mt inferred Resource approx. $35/t
- Plant and equipment CAPEX based on ABZ project estimates 180m (very approx. based on 2x cost of 2-3mtpa plant)
- OPEX $25 Based on ABZ project estimates and allowing for much better proximity to port and existing infra.

= Gross Profit margin $10/t

Based on 5mtpa x 90% efficiency = 45m gross profit p/a
After exploration, interest, tax, ship load of depreciation, prob gets it down to $35m NPAT

X 6 years ignoring further exploration, increase production efficiencies and Bauxite price upside = $210m.

Realistically no one buys a company at this full type of valuation, but half might be realistic once the 30m/t proven up.

Not trying to ramp, would be genuinely interested in comments if I’ve got any of the above wildly wrong.

Cheers