Say post raising we settle at 15c. We will be sitting at 5% of...

Say post raising we settle at 15c. We will be sitting at 5% of combined post tax NPV of both projects. Absurd.

As I said to get to Cygnets 50% we will need to trade at $1.50.

If both these projects are off the ground we are talking combined 90m free cash p/a on scoping study parameters.

Bump output up 25% on each project (CAPEX allows for this in SS) and use $200/t and its 125m free cash p/a.

What value will the market put on 90-125m free cash p/a? My guess is probably 5x....450-625m or $2.7 to $3.8 per share.

Even adding another 50% (ontop of 163m) shares gives $1.84 to $2.56 targets.