It will all depend on the results of DFS/PSA. We don't yet know size of production plant for sure, though my research is betting on 3M tonnes per annum.
Hence, based on my assumptions of taxes, operating costs etc, earnings post tax and production share of A$180M per year with a minimum 50 year mine life. What PE you want to put on that is up to you but for myself it has to land somewhere between a 10 and 20 year multiple. So back of the envelope,$1 to $2 per share (if no further dilution).
So from where I sit, even though I have done a lot of research to get my numbers somewhere near reality, it is simply so far under valued that the end result is somewhat academic.
I also personally think that they will end up mining Bawdwin for 100 years but we will never know
That is also attributing zero value to Locrian which in time (we should live to see this one) may rival Bawdwin in value.
I know we are all keenly awaiting MIC but I don't mention it above because despite our impatience, it's just a matter of time.