IMO you are in the right ballpark, however, just keeping it real 33.7% likely top end so personally I have been using long run average closer to 32%, you have to include a cif/fob conversion because benchmark is cif and delivery is fob,PFS allowed US$0.39, likely to have escalated so I have been allowing US$0.50. Average benchmark start over last q was US$5.40( see Eramet q) so good place to start for long run average, suspect given previous commentary volumes may be slightly higher than PFS but that need confirmation. Still get an annual receipts number in excess of $200m, long life, repeatable, fully funded off a market cap of $275m. Ridiculously cheap IMO, just awaiting the catalyst.
E25 Price at posting:
$1.85 Sentiment: Buy Disclosure: Held
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