BAT Upside Comparisons with SYR and BSM, page-27

Except - and this is the important point - peers SYR and BSM were both trading at MCAP to Production metrics of $6.4M and $6.7M respectively or an average of $6.6M per kt. This was back on January 21. SYR is in Africa and BSM is in Madagascar. Both arguably African producers.

https://hotcopper.com.au/threads/bat-valuations.3579543/page-76?post_id=37179699

I'm using these metrics to gauge actual valuations from producing companies for the same commodity and using that to determine potential value for BAT.

Also - BAT hasn't admitted any specific split between debt and equity for the new funding package they are working on. You can't assume the mix will be the same as the RCF package. Risk is also reduced given the amount of work already completed on the ground.

I separately have my own EBITDA and cash estimates but waiting for the finance / funding solution to be resolved before sharing those numbers here.