Hi DDZX, I disagree with your analysis on a few points; I think...

Hi DDZX,

I disagree with your analysis on a few points; I think it might be a lot better than that.

Most importantly when they go to raise capital to construct I doubt they will be doing it at 60c. By this stage there aren't mining licenses; bankable feasibility, ILUA. It's massively derisked. For arguments sake let's say they raise money at $5 a share. So they issue another 20m shares and there are 140m on issue.

I don't think it is correct to deduct depreciation either; this will go to reducing taxable income. Cash is still available.

I think it's more like 40c per share.

I have not allowed for shares to traditional land owners or royalties. Does anyone have any ideas what these amounts could be?