Ann: Investor Presentation - April 2021, page-38

I went back and listened to a few bits of the presentation

Just a few key take aways on HPM;
1) Justin expects HPM to be a 10x uplift on Revenue (note he uses the term revenue and not price)
2) Competitors use Mn Carbonate (e.g. EMN) which is slower and more expensive or a roast reduction which is energy intensive i.e. we will be a cost leader due to our unique ore which is highly amenable to leaching (as well as a few other factors such as jurisdiction and access to leaching agents / reagents) - extrapolate our 10x revenue on low cost/high margin
3) We are looking to optimise our flow sheet to lab specifications of the end user - HELLO - this surely means we are already engaged with an end user, so will be a short matter of time (3-6mths) until an offtake is agreed IMO (as soon as we can prove we can produce their stuff / then agree commercials)

This PFS is going to be seriously eye watering - NPV is already measured in billions, revenue with a 10x uplift and high margin as we will be a cost leader - so just think about what that means for NPV and share price.