Ann: Binding Take or Pay Offtake Terms Finalised with OM Holdings, page-59

The latest Euroz note was in early December when the E25 share price was $1.37

Euroz increased their share price target to $1.75 (Up from $1.08 previously)

I'm not sure why the analyst uses a 70% discount rate (as opposed to 60% or 80% for example) ?
Maybe that's standard in the industry

And although the signing of the binding agreement with OMH certainly reduces a lot of risk, there is still Mn price risk, $AUD currency risk & project risk when they start production (will the ore sorters do their job correctly and efficiently)

Let's hope Euroz update their numbers with 60% risk discount ?

It certainly warrants a higher valuation target then $1.75

Here is the report in case you missed it: