VIDEO: VR8 gives update on Steelpoortdrift development, page-118

The estimate of the diluted SOI due to the likely finance arrangement is very close to my own model, and well done with the 74% capex

I am very confident about the NPAT calculations based on planned production/opex, but obviously we don't know what the future costs/prices will be yet

Only 74% is attributed to VR8, as is the EBITDA, once the CAPEX financing costs are removed, tax, admin

I get NPAT attributed to VR8 around US$74 mill

So around A$100 mill
Less than 1 bill shares on issue also
Industry standard PE 12, but 10 is good to allow some margin for less than 100% production

SP around A$1.10, slightly less than your target.

Either way, plenty of upside for me as well