Ann: Altech - Mezzanine Debt Technical Review Completed, page-44

@HiDiHi     I get your cautiousness around changes to a company’s story...

What I conclude from your posts is that you think the SP will go lower before it rises.
(... or at the least you wish to see more de-risking of the project.)

You could be right or you could be wrong on the SP.
I doubt anyone knows but there will be plenty of hindsight experts when the SP moves either way
It is low enough for me at the moment.

What attracted me to the stock is SMS.
SMS are attempting to diversify their offering around the globe by getting involved and backing new refining technologies.  Their intent is to market these new refining techs for royalties which will be shared with the parties that own the process,including ATC.

There is naturally an enormous gain for them especially when they guarantee the refinery process.  In diversifying their business there is an enormous reputational risk for them which should not be underestimated. (I once worked for a German IT company and understand a little about their business culture.)  To front the finance discussion with Kfw and have a project fail would impact so many other projects they arrange finance for it beggars belief they would offer a guarantee if they were not sure.

I see researchers suggest an NPV of $400m to $500m (the company suggests an NPV of $1.1b)
I see some dilution coming, maybe as much as double the number of shares. 
This still suggests a 3-4 bagger and maybe as much as 10 bags!

I look forward to everyone’s input and the journey ahead.

GLTAH