Ann: Investor Webinar Presentation, page-82

There a number of ways to value a company and PE is certainly one of them. But the discussion is referring to the CEOs presentations. He initially called it a $1b platform from memory and now he called it $0.5b. He's putting a value on the royalty flow of each project and that would likely be a DCF. It would be the best way to value a royalties based company. Still a great number, and I think it will be greatly exceeded.

I don't recall which presentation Stezza but pretty sure a few early ones had the higher number. The last one the lower. Also, he's probably been advised to be more conservative in his talks, given no signed commercial agreements yet with final numbers.