I would like to challenge the pricing of Laac, and would therefore like to give your opinion or calculation. All in USD

Market value: DKK 950 million.

Valuation for a company that has positive earnings and debt and cash are not taken into account. We also do not price projects beyond CO.

Therefore, earnings for Laac at a market value of 950m. be 95 million which corresponds to a PE of 10.

What should the market value of Laac be, production estimated and at full production which is expected to be there during 2024.

Cost price $5,000x18,000 tons = 90m.

Sale price $22,000x18,000tons = 396m.

SP: 306:95 = 3.2 That is, current share price will have a fair price of 6x3.2 = $19.2 during 2024.

Remember debt is $210m, but cash is $500m. Added to that is the value of Arena and Mill. etc. Money will presumably be used for further development of these projects, but then we will also increase turnover. Likewise, Laac's share in CO will be expanded by a small 10,000 tonnes within a couple of years at most, perhaps the end of 2024.

Therefore, it is time to buy, and the worst that can happen is that a low bid comes from Gangfeng.