Whilst there have been quite a few different proposed models it's best to refer to the valuation model that was used in Finland's Keliber Lithium acquisition by Sibanye-Stillwater.
This was also pointed to by KC himself as the valuation example that could show what a buyout would entail if it was to be presented to the shareholders for approval.
I remember somebody here did the share price calcs comparing and scaling Keliber's resource size and it's MC to EMH to produce a 'target range' for the EMH's SP at the time of a comparable takeover.
Unfortunately, I do not remember the outcome of those calcs, however, if you wanted to revisit that would be a valuable contribution for all, all the Keliber data is out there still.
Sorry I can't be more useful :-(.
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