stab at future sp, page-2

Chawkey, All the following is IMHO and not intended to be a ramp. Wouldn't be invested if I didn't believe it myself. My estimated value of Marengo at the time it goes into production is $3b based on the following assumptions:
- Marengo up's there JORC to 7.5b lb of CU soon. last Jorc update does not include results from a further 50km of drilling. More CU found at depth,....
- Equinox Minerals is valued at approximately $5b today based on 10blb of CU. I'm assuming CU resource is of similar quality and cost to mine.
- Discounting Marengo $750m because initial revenue will go towards paying the cost to develop into a producing asset, ie ROI in 3-5 years means no profit, no div,... for sometime.
-Added a premium of $1b to cap val as the sentiment towards Marengo will great at this time as they would have proven themselves to the market and investors.
-Did not factor in what the price of CU and producers of it will be valued at when MGO go into production. Even though I suspect it will be at a 50+% premium on todays prices.