we got there slightly different ways but yes as you note it’s...

we got there slightly different ways but yes as you note it’s possible. All things working in Vul’s favour can get us to the $7-10b valuation range imo. all things not in our favour then yes we fall short or it takes much longer to get there but for me the pathway is there.

also in our favour which your excellent calculations don’t include is the heat and energy component which while not a major percentage of revenue will still not be insignificant.

by the time 2nd phase gets rolled out I believe the figures used previously by Vulcan (pfs/dfs) would indicate that energy and heat will account for a billion euro revenue with phase 2 included.

again lots to play out but apart from slight delays in the project timeline, (which have been nowhere near the delays other projects of this scale have been set back) Vulcan has been true to form and their word so I see no reason all things being considered not to see the A$6.5b 2026 NPV as an accurate indication and as I mentioned, imo once we add phase 2 (increase to 45-50ktpa) and possible licensing/additional projects/production increase then I think the upside from here is immense