Wow, the good news announcement came out two days earlier than...

Wow, the good news announcement came out two days earlier than expected.
Ye of great faith, well done indeed.
My initial mimpressions...

Back of envelope Valuation Model 1:
Based on development capex of $3.1 billion, of which 35% = $1.085 billion.
$98.5M for 35% KNPL implies the JC's own valuation of approx. Cash $98.5M + JC's DFS expertise $985.0M.
So the JC derisked DFS expertise is worth 10x the cash outlay. Feels like the cash is the "GST" portion.
Also, does the $985.0M include any fees for high assurance introduction to the low cost Japanese financiers?
Good of ARL to disclose the DFS costs, which is at 3.18% of capex.
Being higher than the top end of the generally indicated DFS budget of 0.5% - 2.0%, this DFS will have very small margin of error, definitely < 15%.

Back of envelope Valuation Model 2:
Based on GHR PFS NPV7 of approx. $5 billion, of which 50% = $2.5 billion.
35% issued to the JC at their valuation of $1.085 billion.
Remaining 15% valued at $2.5 billion - $1.085 billion = $1.415 billion.
So the JC's derisked EPCM expertise is worth $1.415 billion, being $430M more than the DFS expertise.

Back of envelope Valuation Model 3:
PFS Capex $3.1 billion. Perhaps this cost will be significantly reduced in view of the following two points?
DFS full cost to ARL $1.085 billion.
EPCM full cost to ARL $1.415 billion.
Total cost to ARL $5.6 billion, if the PFS Capex does not include EPCM.

Looking forward to other points of views.