Ann: Outstanding DFS Silumina Anodes Battery Materials Project, page-7

OK I see what you've done PE = €105m/1.4B shares = 0.075 = PE of 1.
So nothing to do with the current SP.
Agree PE of 10 would be conservative particularly if they can increase the energy density beyond 30% as has been suggested.

The pilot plant is nearing completion and is expected to be operational in mid-2024.
I was surprised by this statement. The previous statement said commissioning would be complete 'early in the new year'.
I'm assuming coating silicon only has had an impact. Previously the plant was going to produce 120kg/day of graphite+10% silicon.
How must will it product now? How will they test the coin/pouch batteries now the anodes material is incomplete?
They'll need graphite but what type will they use? There are many different types and combinations.

NDAs executed with two German automakers, two US automakers, one US battery materials supply company, and one
European battery maker.
Two (up from one) US automakers one US battery materials supply company, is a welcome development.