mate it’s not de-risked at all. You have 2 phases of R&D to get...

mate it’s not de-risked at all. You have 2 phases of R&D to get through that is non binding. This means Alcoa can walk anytime they want. Tell me how you are de-risked ? You have to pay pro rata your share during these 2 phases and wait for Alcoa to test and muck around playing with it to see if they like it. This could take years. At the moment there is zero engagement with any potential buyer and this is not changing anytime soon until Alcoa stop testing and come up with a consistent feed input and a consistent HPA product. Your DFS is out the window now, and miles from refreshing this.