2021 - General Discussion, page-5851

31c is also very significant in the context of the Alcoa deal. Prior to the announcement, the SP peaked at 88.5c on two days at the end of August, probably in anticipation of the deal going ahead. With the news of the 35%/65% split, we could therefore draw a baseline for valuation equal to 35% of 88.5c = 31c. Below that, we are trading below the valuation fraction according to the deal. And all this makes no allowance of the fact that there's a big positive in that the deal actually went ahead, and therefore that the project has been substantially de-risked.

All IMHO, DYOR