If you value it fully then you get 738m/t x $3.70 / t = $2,730 m. Divide that by number of shares (567m) and you get a share price of $4.80. BUT given they will need to raise money to get there lets say they issue 300m shares increasing diluted capital to 867m shares. That takes the $2.7b value divided by 867 = $3.15.
Why is anyone worried about a placement as it makes the company. This is JORC compliant not a couple of holes in the ground....
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