Ann: Potential Partnership With CEZ & Significant Investment, page-24

As I understand this, we are getting "only" half of the project (US$1.1B value) that will likely go ahead as compared to having it all for ourselves and not going ahead.
When we start producing 25ktpa LiOH with opex US$3500 and be selling it for $12,000, i.e. earning 8,500 per ton = $212M annually, we'll be getting "only" half of the earnings, that is the P/E ratio 0.4, i.e. the share price of diluted EMH will have to grow 50-fold to reach the normal P/E of 20. Looks like a 50-bagger to me, or maybe after further financing dilution let's say "only" 25-bagger. I don't think it matters whether we have a full control over the project as far as we found an investor to make this happen and potentially expand it even beyond 25 ktpa.
The only critical aspect is how much of the future earnings will be channelled to Geomet, but I guess that KC has that covered and there are laws to protect minority shareholders from being cheated by majority ones.