Ann: Pioneer Dome Lithium Project & Corporate Update, page-35

Hi gberra, yes that nominal value is pretty much meaningless, it's based on the value that holders in US fund could exit for prior to the deal proceeding. I believe about 2/3rds of the funds were withdrawn by holders prior to the cutoff date. EUR will then get issued a whole heap of new shares in US fund but the nominal value of 700m utilizes the redemption price, which obviously is meaningless with all the new shares issued with only the project assets added to the fund value.

And that's how $150m suddenly becomes nominal USD700m, lol

So I wouldn't be attaching too much value to any comparisons of ESS to such a nominal valuation based on that methodology.

That is my understanding of it anyways.