Ann: Phase 1 HMW DFS Delivers Compelling Economic Results, page-352

There's at least $300m+ in capex for developing stage 1+2 right? So I think that discounts whatever TO offer we get because whoever buys us needs to then also fund the project. It feels pessimistic but I could see us being bought for $550m? Our current market cap is below $300m, so as 'low' as that may seem, that's still quite a premium on our current value.

Bare in mind, that's with the current picture. We could command a much higher price if we had a few cards up our sleeve/things come to fruition differently (export permits, greenbushes, offtake, etc.)