Ann: HPA Project - 99.999% plus purity repeated, page-18

I agree @Rayda.

Below are my two cents of what I think will happen to KRR:

1. DFS announced May 2022;
2. HPA to be spin-off into a newly listed company (like A4N-let's call it NewCo) with IPO for new shares. Existing KRR holders will get in-specie shares plus first dip in the IPO;
3. JV partner announced at the same time as NewCo spun off. JV partner to pay KRR/NewCo $x to own a % stake in NewCo; and
4. KRR will have more $ in the kitty and no need to do more CR in the medium term.

Re SP not moving after all these HPA announcements; I strongly suggest comparing with our closest competitor-A4N. Their SP didn't go anywhere until the DFS is out. So, I am getting excited waiting for the DFS because KRR's MC is currently $39m VS A4N's $420m - a potential 10 bags there should our metrics be comparable (plus we haven't included KRR's other assets).

Anyway, have a good weekend all!