@Deboss Get it into your head that Mr Connelly in today's report...

@Deboss

Get it into your head that Mr Connelly in today's report included a NPV of $US108M ...

Directly from p44...
"This requires a cash flow model which was supplied by Winmar Resources. The plant would have a higher value based on a resource and cash flow. A value under this scenario has been attempted at a high level and subject to a number of disclaimers the financial model NPV value is US$108,000,000. "

That is from the companies cash flow model supplied to Mr Connelly.

The report was a lot more than just a valuation, perhaps you should read it before commenting.