They’re clearly taking a bet that lithium prices improve (as most investors would agree). They’d have their own assumptions of what long term pricing looks like, and the valuation would just be a function of the cumulative discounted cash flows of the royalties - hence the acquisition price is forward looking, not stagnant at todays prices/ earnings. It clearly meets their IRR return requirements...
Ann: Recommended Cash Offer to Acquire Trident Royalties Plc, page-29
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