capex needed of $125M; based on 75% debt/25% equityso $94M debt...

capex needed of $125M; based on 75% debt/25% equity
so $94M debt from MacBank who is also a major shareholder,
and $31M equity raised at say 30c; meaning that shares on issue would be about 270M.

profit margin of $500 aus per oz - on $US900/oz Au, then gives about $50M pre-tax, or $35M post-tax - into 270M shares at 10pe, gives about $1.30.... so even at currrent 41c - this a 3-bagger...

for every $US100/oz Au increase - based on fx of 0.8, tax rate of 30%, 10pe; it would add another $8.75M earnings or 32cents per share in value...

so if Au price went up to about $US1200/oz Au, when ADU is producing it would give about $2.27 per share...

f__k knows how high it would go, if gold did head to the $US2000/oz Au mark...