Remember the 3.3b NPV is based off a PFS assumption of A$348/t...

Remember the 3.3b NPV is based off a PFS assumption of A$348/t urea, and the binding offtake value of $1.5b is worth A$600/t, so that’s an addition A$252m pa revenue(which essentially doubles EBITDA), which dramatically increases NPV value. (Not to mention if urea stayed anywhere near current levels if $1000-$1200/t then NPV goes up by multiple factors, but that’s just dreaming. a long term Avg of US400/A600/t is pretty reasonable.

looks like it’s moved into early Q1 2023 from the investor presentation.

I think NRZ is in a good position to commence a steady SP climb, binding offtake puts them in good stead to progress funding/financing.