To put it another way, AAM investors are paying $100M for a 49%...

To put it another way, AAM investors are paying $100M for a 49% stake in the project. It doesn't matter if it is 1 share at a cost of $100M each or 100M shares at a cost of $1 each it is still $100M for a 49% stake.

So that values 49% of the project at $100M (US dollars). From that we can expect that our 51% stake would also be worth $100M approx.

So $100M US dollars at an exchange rate of 0.68 would be $147M Australian Dollars. With around 750M shares on issue that would equate to around 20c per share in Aussie dollars.