Chart, page-66

10x trade would be a price of $22.50

ive assumed a 30% dilution with funding so shares onnissue would rise to 116.3mio - let’s call it 120mio shares

$22.50 x120mio = $2.7bio market cap which basically is 300mio north of the the capex required to build the project

That does not include future cashflow or revenue estimates based on current nickel, cobalt, or scandium prices but these cash flows over 50years would be worth substantially more than just the capex of the project so a 10x return based on the assumptions above is realistic assuming a deal is done for funding.