Hello everyoneI currently don't hold AGM but am eyeing the...

Hello everyone

I currently don't hold AGM but am eyeing the current share price weakness as a possible buying opportunity.

I have calculated some numbers to give myself a valuation on AGM. I would love to get some feedback on whether I am on the right track or not.

Assumptions:

1). Long term Ni price will be around USD$30,000/t.
2). FX rate to be over 0.80.
3). Costs for mining in Year 1 are $68/t of ore mined, rising to $78/t of ore mined in Year 2.
4). Shares outstanding are 770 million.
5). 900,000t of ore is mined in Year 1 and Year 2.

Year 1 2
Ni Prod (t) 5700 8500
Ni Price(USD/t) 33000 30000
FX 0.84 0.8
Ni Price(AUD/t) 39286 37500

All prices in AUD dollars and in millions below.

Revenue 224 319
Opex 61 70
EBITDA 163 249
NPAT 114 174
PE 6 6
MCAP 683 1044
SP 0.89 1.36

Many thanks.