RNU project has a post-tax NPV of about $650m AUD.

Using post DFS ev/NPV ratio benchmark of 20% to 30%, this gives EV of 130M to 195m.

Hence, short term share price target would be between 7.7 cents to 11.6 cent, based on the nature of the project. Hence, our 12 cents is at the top end of the target (based on a good board, as well as strong project recognition from the government)

For the next stage when project is financed, using ev/NPV benchmark of ~50%, this is equivalent to a EV of 325m. Hence target price for post-funding would be ~19.4 cents. (excluding dilution from CR if required, hence, potentially lower.)