Patersons Research note, page-3

Paterson's comments adding weight to the possibility of 100% debt funding

"We have assumed a total capex for the project of US$77.5m, including contingency, and have assumed that this is funded through debt."

42c based on just Epanko alone:

"...at this stage, ascribed zero value to both the Merelani and Manufacturing Facility projects. On this basis we value KNL at A$0.42/share."

Had this to say about Manufacturing Facility:

"The initial construction of the Facility is expected to require a capital expenditure of US$35m and an average cost of production of US$1,350/t. The Study concluded a pre-tax NPV of US$115m, a pre-tax IRR of 51%, and a payback of 1.9 years."

so plenty of upside from 42c ...

cheers