They did well to raise at 45 cents.
However, first production is four years away.
$61M annual cash flow before tax or $43M NPAT.
CAPEX $150M. Cash may be $30M at time of production.
Need $120M or $60M equity, which could be 170M more shares.
At least 400M shares will be on issue = around 10 cents EPS.
Quick rough look.
80 cent share price target. 4 years away. Current price is about right to me.
anouncement out, page-10
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