I don't place too much faith in management's stated timelines,...

I don't place too much faith in management's stated timelines, but my personal SP targets in regard to the upcoming milestones and reported project metrics are:

1. Construction nearing completion, security of ore supply proven, production assured - 3c (PE 5)

2. First quarter production complete, maiden profit confirms long-stated margin of US$700+/t - 6c (PE 10)

3. First two smelters at full operational capacity, construction of next two smelters underway - 12c (PE 20)

These targets assume US$21.9m net operating margin for two smelters, exchange rate of 0.775 and full dilution of 4.75 billion shares.

Example 1: US$21.9m / 0.775 * PE 5 / 4.75b = $0.03/share

Nothing is assured though, and there's still plenty of questions that need to be answered. Ore supply is still the big one for me, and the actual margin could be much worse - but it may also be much better.