+$170m rev pa for $400m - No Thanks, page-20

The current estimate is around $1bil to develop the asset.

With a market cap of $396mil and no control of the actual asset, how do you think they will fund it?

Additionally, current estimates are that the deposit could produce $600-$650mil of EBITDA once operational. $420mil post tax. That values the total asset at $2.5bil (Tops). 20% share would make NWE worth $504mil minus their share of development costs ($200mil).

Which brings us back pretty close to the current offer and market cap.

There is no universe where you get 3x this offer. At best maybe you get another 10%.

@SkyPunter is misleading all of you with their calculations and valuations.