per share value of sarco, page-12

Psyber you lost me here when you say this:-

66.5% of sold in the IPO at $200m ??????????????????

If ORD retain 16.75% of the project then the balance is 83.25% not 66.5%

You also forgot to also include revenue given to ORD for it's share of the project.

This when combined then comes to approx 14 cents which is what the DFS valuation came to.