I like your ambition, starX, biotrader, though a little sobriety...

I like your ambition, starX, biotrader, though a little sobriety is needed.

MC $500m sounds lovely - 63c a share/816m shares on issue.

Ahead, KLL will need to demonstrate smooth, profitable running of the 90,000t first stage and FID + full internal/debt funding of the second stage.

First product is a year away, steady state two years and stage 2 FID about then - if NOTHING goes wrong. I think KLL would then be worth ~$400m or 50c a share.

I am not talking KLL down, I am sorely overweight and modestly underwater. This is a brilliant new industry, but as always, pioneers risk a back covered in arrows.

Be careful out there.

Ash