the proof, page-24

re: the proof (get set now) Sorentino is a world expert on brines not gold mines – he is a chemical engineer not a geo – but he is smart enough to be both - the simple fact is ADY have a salar full of brine – they take out 15 years profits after capex and they have a net present value – equivalent to the NPAT of the project in current day dollars – but the salar is still full of brine – so the calc doesn’t have a terminal value of zero it has a terminal value of the capex depreciated plus future revenues – different to a gold mine. Then he uses the NPAT as a annual earnings equivalent x 8 was so hard about the valuation of the market cap – SQM use 23 times.