LPI opportunity, page-234

ML‘s flagship project has a NPV of $1 billion

Our NPV is $1.3 billion. With the current resource increase it is probably at least $2 billion

LPI‘s 50% would be the same as ML‘s value for a DFS stage project

=> C$363 million = A$ 378 million / A$ 70 million = 3.5

We should expect 3.5 x current share price for a buyout after the DFS

That‘s the low case