Remember Ioneer will only own half the mine. Here’s another way...

Remember Ioneer will only own half the mine.

Here’s another way of considering the valuation:

1. Revenue: 23,000t x $30,000 = $690M
2. Cost: 23,000t x $3,000 = $69M (Post Boron)
3. Mine EBITDA: $621M
4. SSW Split: $621 / 2 = $310M
5. Valuation Multiple: 9 x $310 = $2.8B
6. SOI: 2B
7. SP: $1.40

Obviously some assumption’s above that will need to be proved up with market (fluctuations in lithium pricing and extraction costs etc). North Basin and Southern drilling exploration have potential to significantly upgrade resource estimate which could provide uplift to SP.

Only my opinion DYOR, would welcome others to share their thoughts.