Offtakes etc..., page-14

Hi @leomcca2,

The 44c target from Argonaut (haven't read the Mirabaud report with the 56c, but probably a similar approach) was based on a current net present value (NPV) for Panda Hill of AUD 401M and a certain dilution in share price through an equity component to the project funding.

There is also a more long-term "see through value" for the project should it get sold (based on other takeovers) that is far higher than this, i.e. Argonaut mentions USD 750M to 1.1B, i.e. up to almost 1.5 billion AUD. This is what the higher values people (including myself) have thrown around here are based on. Admittedly a bit pie in the sky stuff, but not unfounded.