Ann: Alliance Minerals Corporate Presentation, page-23

Current market cap $250M.

2020 Low Pricing Case:
240,000t SC6 per AMAL forecast. 
AU$550/t cost (net of tant credits).
AU$960/t lowest sale price (US$680/t).
Profit from mining: AU$98.4M 
8x multiplier is a market cap of $787M (more than 3x the current share price --> $0.60/share). 

2020 Mid Pricing + 15% Above Nameplate Case: 
280,000t SC6.
AU$550/t cost (net of tant credits).
AU$1,130/t sale price (~US$800/t).
Profit from mining: AU$164.2M 
8x multiplier is a market cap of $1.3B (more than 5x the current share price --> $1/share)

High pricing (US$1,000+) case pushing towards $1.5/share if costs are maintained (although unlikely high side pricing in 2020). Even with some profit used for more exploration/resource drilling, some corporate costs, etc. etc. there is still a nice profit to be captured provided costs are controlled as per forecast. 

Wake me up in 2 years... By then it will be a choice of 2 D's: 
- DMS2. 
- Dividends.