Ann: Executed Offtake Agreement and Strategic MOU with Shenghe, page-56

very insightful, thanks for sharing

The bigger sensitivty is ndrpr pricing which are the lowest its been.

I think looking at todays prices will miss the future oportunity, either consider it at 2026 forecast or look at peer multiples

On peer multiplies which is arguably the best indicator given it is a industry representation and live,

PEK is very cheap

I do not think the Shenghe deal is a bargain basement stuff, it is market pricing based with payability as well based on % - all fair.. - Happy to be corrected here

I think the bigger issue is the REE Market, with some positivity here, PEK should pick up in-line with Ndpr pricing changes