Pellet Price, page-317

I think it could even be 2.75 mill also but wanted to be conservative.

The upgrade costs are over 2 years so halve that 12 month cost.

Then an increase in the fines (subject to readers opinion). 10-15% for me.

Upside exceeds $250mill

Also $40 mill for property development gets plucked around. Doubt it would be that high and again they may not acquire till mid to late this year with payments not all up front, again spread not all in this 12 months as anticipated.

4 x pe my high end estimate $1 share low end 60c 12 months.

Throw into this Southgate developments further upside.

I/o upside is why I’m here. Big believer in commodities cycle ready to climb with Silk Road, China, US and India all about to ramp up and market caught short with last few years shutting down the smaller producers causing a squeeze.