Hi DDZX,
I disagree with your analysis on a few points; I think it might be a lot better than that.
Most importantly when they go to raise capital to construct I doubt they will be doing it at 60c. By this stage there aren't mining licenses; bankable feasibility, ILUA. It's massively derisked. For arguments sake let's say they raise money at $5 a share. So they issue another 20m shares and there are 140m on issue.
I don't think it is correct to deduct depreciation either; this will go to reducing taxable income. Cash is still available.
I think it's more like 40c per share.
I have not allowed for shares to traditional land owners or royalties. Does anyone have any ideas what these amounts could be?
What am I missing ?, page-9
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