the perfect chart , page-5

Further to my earlier post, I have inserted below (sorry about the formatting if it comes out funny) some extracted data from a research note issued by Patterson's in August that is also on the AQA website (with a number of other broker reports)...it puts into some more perspective the possible valuation of the 24.5% of Belvedere that is subject to the Vale option agreement. The note, and others, also suggests a high probability of Vale exercising the option. Patterson's estimate was $859.4m in their August note. Baillieu's said around $880m in a recent note.

Aquila Resources Ltd.

Valuation A$m A$/sh

Isaac Plains (50% AQA, 50% Vale) 389.7 1.58
Eagle Downs (50% AQA, 50% Vale) 436.6 1.77
Belvedere (24.5% AQA, 75.5% Vale) 859.4 3.48
West Pilbara Iron (AQA 50%, AMCI 50%) 10.0 0.04
Exploration & Other Projects 569.7 2.31
Equity Investments 5.4 0.02
Corporate (38.3) (0.16)
Unpaid Capital 0.0 0.00
Forwards (6.3) (0.03)
Cash 102.8 0.42
Debt (19.8) (0.08)

NPV 2309.2 9.35
Price Target 2309.2 9.35

regards
DF