Yep if you count the small Phase One pilot plant as...

Yep if you count the small Phase One pilot plant as "feasibility" on the Lassonde Curve the big money (Nasdaq IPO investors and US DFC loans etc..) kicks in once Phase 2 finance is sorted and then under construction hopefully in the next few months

Phase 2 being about x14 the scale of Phase One.

Still 13.4bcf of helium and 400bcf of nat gas in the ground. Tetra4 valued based on the mge transaction for 5.5% for R550m at R9450m for the 94.5% still held by Renergen or AUD773.40m today prior to Phase 2 being constructed.. Once producing ebitda for Phase 2 projected at about AUD500m/yr 2027 onwards and today still only about 147m shares so the key being minimal dilution where possible through Phase 2 construction. ebitda multiples in the gas industry for the marketcap anywhere from x8 to x17 I think I saw somewhere?