Ann: 1st Production of Lithium Carbonate - Maricunga, page-284

@mick z LPI's market cap + 50% of the capex requirement is the starting point.

The difference between this and 50% of the IGV or NPV is difference that shareholders can reasonably expect to be gained over time as the project moves into production or should a major come over the top with a bid for LPI's interest in the asset.

Should they apply a higher or lower NPV on the project is their game and it's up to Marty and the Board to defend or recommend this.