Yeah 50/50 JV with free carry in the first module of the conversion operation would be pretty sweet.
Swapping 50% of Adina-Renard for 50% of a conversion plant's capex implies a value of 500-700m USD (778-1089m AUD) for 100% of Adina-Renard, or 3.50 - 4.95 per share (FD / 220m SOI).
WR1 General Discussion, page-28147
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