Valuation, page-28

Why not?
As at the end of December 2023 the company had about 750mln shares on issue. It had "confirmed" production run rate of 240kt pa at the time. Everything was progressing nicely per announcements and the company were due to expand to 625kt pa within 12 months.

60c at multiple of 7 would have equalled 65mln pa in profit approx. Was it not reasonable to expect $100 per tonne margin over forward 625kt production valuation.

Obviously, it was f*cked up in the most profound way and any forward estimates now have zero confidence based on company's deceitful conduct.