Ann: Cornerstone investor secured for Manono Project, page-63

Please check me here … am I correct …. 24% of the total project has just been sold for $240M (USD).

That values the total project currently at $1B (USD). (240 x 100 / 24 = 1000).

After this deal AVZ will own 51% of the project. Which equates to $510M (USD) or about $700M (AUD).

Current MC is $1B (AUD) - but that is for the current 75% of project held (correct?).

So does that mean that the implied value of AVZ’s share of the project (based on price paid just now for 24% of equity) is $700M (AUD) + cash from sale which is $330M (AUD from $240M USD) = $1.03B (AUD) … which is basically the current MC…

If I’m correct here it seems to me that the announcement basically confirms current MC and thus SP … where am I wrong please. (Of course the value added is the value ascribed to the new relationship and security of debt funding for future project costs (at the expense of whatever offtake price is negotiated at that point).