potential 5 star performer, page-44

Nice analysis nidrac. You're right that it shows the increase in valuation by the industry players who have invested in JDCP during the investment phase of the pilot commercial plant. I question the valuation based on production of 12k tonnes per annum of SPA, wouldn't this be based on earnings rather than revenue? But that's just a small issue because the main point of your analysis is correct, and the initial annual production is tiny compared to what the real numbers will eventually be, much higher in a real commercial operation.

MAK are certainly positioned to follow that type of valuation path once the process is proven commercially, and our BFS based on such produces a good commercial basis to proceed. And unlike JDCP, we have a very large resource that appears totally suitable for IHP. A very promising outlook for MAK once this trial phase is done.