Ann: MOD Delivers 61% Increase in T3 Ore Reserve to 34.4Mt, page-11

Thanks for sharing. Interesting their table 1 has a company value of A$390m or 60cps which means they have modelled 650m shares - 300m more than the fully diluted position today.

They have clearly done this as part of their funding assumption for T3 but don’t appear to be adding in the cash from their assumed raise (c. $90m) which I think understates the value. Adding this would bump up the target to $480m or 74cps. Agree with comments and valuation method otherwise.