Ann: FYI & ALCOA SIGN BINDING JV TERM SHEET FOR FYI HPA PROJECT, page-162

P/E Ratio is based on NPAT. So whatever the profit of FYI is, divded by 35% x10.

If the plant makes a revenue of 250mil, 35% of that is, 87.5. Now revenue does not include expenses. If FYI are lucky enough to make 45mil in profit out of that revenue, assuming no dilution you can calculate 45mil/355mil gives an EPS of 0.127 If we apply a P/E of 10, you can hope that it upon full production may reach 1.27.

Now there is highly likely to be dilution. And you do not value a company upon its full NPV when its years away from production. In my opinion 50% of NPV at this current stage would give a 170mil MC to FYI.

At further derisking stages upon phase 2 and 3, you can increase that discount to 75% than upon phase 3 100% for production