Ann: Presentation - Investment Outline Arcadia Lithium Project, page-38

Thanks for clearing that up!

So we 10% of the original owner and 90% Hawkmoth.

Currently Prospect has 70% of Hawkmoth and with that 63% of Aracdia.
Favic has 30% of Hawkmoth but with the right to buy up to 51%.

So in the future Prospect ownership may reduce to 49% of 90% which is 44% of Arcadia. But for that Favic will have to buy the shares in Hawkmoth from Prospect. So Prospect would get a load of money as they would be buying it using the dividends paid, so pretty far into the future and at full price.

So for now we can compute with a 63% share of Arcadia for Prospect. With my calculations giving a conservative 420m$ NPV for Arcadia the MC of Propect would be around 250m$. A 5 bagger from this level! Not bad!