Some very profound calculations/analysis, page-38

Normally, yes. I agree 100% But I wouldn’t agree with you on this play. Go back and watch a few of Bruce’s interviews. In one of them he states yields could be as high as 85% - 90%

What you have to keep in mind, is there are various different markets that are differentiated by fraction size. As an example - you produce X at say 60% recovery and Y is a by-product of producing X which is also a market, thus increasing yield.

It’s conceivable to believe >85% yield is well achievable.

But agree with you regarding the PE ratio. This is unlikely to be applied until after production commences.

As far as sales figures go - there are so many different markets that attracts different pricing. And, none of it is benchmarked, as you’ve all now found out. And as for that table that exists, I’m not sure how reliable it is. I tend to agree with others - if this was $300/t it would’ve gone nuts by now.

I’d use $65 - $120 (USD) per tonne for the higher grade stuff.
Less for ordinary glass grade. Say $40 - $45

I know that’s a big range - but there’s many factors that don’t allow to be anymore accurate. Different grades, different markets, different end users that buy different volumes and finally, the other suppliers. Basic Raw Material bans are occurring more frequently now, some governments stop, then start again. Then stop again. Like Vietnam.
Then some, like Malaysia, will have a “formal” policy which bans supply, only to be over ruled by the Sultan (at times) when it suits. This is not a precise science and it can’t be contextualised with other commodity plays that are benchmarked. It’s dynamic and fluid.
But one thing is fairly certain...there are no BIG resources up in Asia that are this size where production is consistently guaranteed in both volume and quality in a politically stable environment.

And the situation up there, in this regard, is getting worse...