That depends greatly on timing. They could pick FYI up a lot cheaper now than when we are fully funded with binding offtakes secured. If the Kwinana refinery is constructed then the price goes up again. Also, a lot would depend on market sentiment at the time. Personally, I wouldn't want to see a takeover offer for a while yet, I think there is still plenty of value to be created through achieving near-term milestones.
Ann: FYI HPA Project NPV Increases to US$1.014Bn, page-118
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