min of $118m cash from china giants mcap $131m, page-14

RW,

And also the guaranteed $75m worth of drilling/exploration costs covered by WISCO.

Personally, I don't put much weight on the target payments - just what is definitely going to be received. Do you Radwimps?

If such lofty targets were ever achieved, I think the top-up amounts would pale in comparison with the then size of CXM. Just blue sky at this stage...

But even on the certain amounts alone, the price should be well in excess of $1.00. Just by valuing the moneys to be received, and applying those same dollar amounts in equal proportion to what the Chinese are buying. Because if x dollars buys 50%/60%, then the remaining 50% of the deposit should be valued accordingly...

I can wait for the inevitable rerating.