Yep I got the same numbers you did, and agree with most of the...

Yep I got the same numbers you did, and agree with most of the points you make. Thanks for the analysis I like the idea of using a brownfield site for the Buntine protein plant, especially if it includes a partnership with an existing manufacturer in that space. My understanding from previous discupa revenue businessssions is that the Sweet Lupin protein extraction technology can be retrofitted to existing manufacturing facilities. 10,000t/pa @ $10k/t (admittedly the high end of their pricing estimate) within this calendar year means this could very quickly be a $100 million/pa business.

If: offtake agreements, sufficient regenerative lupin production to draw on, funding etc. Some big Ifs there.

Over two and a half years ago the share price spiked on the thought of WOA entering the plant protein market with a product that had a strategic advantage over other similar plant proteins such as soy. We were at about $20c at the time.

Since then they have tested and confirmed the lupin protein properties, set up a commercial scale plant, proved the manufacturing processes to be repeatable and scalable, received positive feedback (and a small off take agreement) from multi nationals,secured IP and developed in house products using Buntine protein that have been successfully taken to market. And yet we're still at 20c.

We could be a couple of announcements away from significant SP movement.