Ann: Cornerstone investor secured for Manono Project, page-150

Agree … ratio tends to move up once there is E on the table. Yes this is another peg along the way but it doesn’t seem to me just yet that the big players are valuing it at much more than its current MC. For its homogenous, low impurity, high lithia content and massive size it should by now surely be attracting far greater interest than on par entry for this size stake. Clearly the real “value” is tied up in how much one values the ongoing relationship here and the agreement for partial funding of development (at a cost of whatever offtake/product price that debt comes in at).