Ann: India Project Update, page-178

Correct me if I am wrong, but I think we also don't have to fund the commercial plants, which will cost about A$500m in total.. ECT has strategically avoided the capital intensity commitments whilst retaining a 49% stake in the IP.

Typically with situations like this, the IP owner usually sells a substantial majority stake in the IP in exchange for its commercialisation. Because there's no alternative, it's a buyer's market for the IP. ECT alluded to this in their revenue model announcement.

Remember, the SPV will house the IP. ECT doesn't need to fund the development of the plants, which will be funded by the third parties, including but not limited to NLC and NMDC. The SPV's revenue will largely translate into bottom line profit with minimal expenses, which at this stage is predicted to be ~$5/tonne. Once the deal is over the line, investors can then begin using a risk adjusted NPV model to value the asset, which should see a re-rate of the market value.