Ann: Investor Presentation July 2019, page-14

Not intended to be kind but fair. Brent Smoothy is the one who deserves the most credit. From choppering RWD guys out to LD and then working up the project on his own lease with his own money is a great story.
The tie up with the Germans worked out very well. Using the consultants appears to have attracted the off take partner and finance. The demo plant was impressive.
I do think they were very lucky with what they got from NAIF.
I await EPA feedback for RWD before suggesting KLL got an easy ride from the environmental perspective. We don't know if the RWD delay is a result of RWD short comings, the fact they faced a public review or because the area is genuinely more sensitive compared to Beyondie.
This is good for the sector for a number of reasons. Assumptions made by all the companies will become realties when the first WA company actually sells product. Royalties are a prime example.
The valuation looks reasonable when you consider the current MC is only 1.6x the MC of AMN who are still dealing with NT, face the same EPA evaluation undertaken by RWD and need more money from both NAIF and investors compared to all peers.
As for RWD the current MC reflects the EPA delay and associated uncertainty as well as the development path taken which of late has been to deliberately go slow until environmental approval was granted. RWD is now worth around 1/3 of APC, around 1/8 of AMN and 1/12 of KLL.

I think the KLL valuation of $1 is on the low side. This is going to be a profitable business within a couple of years. Low risk upside. $2 in 18-24 months?
And you are right about RWD losses. Based on how RWD was initially capitalised and subsequently capitalised, there aren't many people, if any sitting on any profit.
Good luck (but I don't think you will need it)