The vision is there - there are no fundamentals. That's why this...

The vision is there - there are no fundamentals. That's why this is still over priced.

300m MC would be my value currently. That's based on their mining and Finnish projects.

I think they've cooked the recycling business case. Mistake to be in bed with one engineering firm as you can't negotiate on price and mistake to be in Germany currently. It's a great concept but unless they can get the costs down and get stelco a feedstock agreement (stelco are not incentivised with zero skin in the game) That will go nowhere.
Currently MB deal is costing money as the resources required to partner with them and deliver are huge. Sure payoff if successful might payoff, but how much? Who knows and in the meantime the competition is securing feedstock left right and centre.

For those that can't seem to get their head around the feedstock issue, think about how valuable it is to the recycling business case - then think about a battery manufacturer who still owns the batteries once they are at end of useful life... They are valuable, and it costs them bugger all to just hold them and wait for the best offer.

Sure hold long, weak hands, no debt chirp chirp chirp chirp all the catch phrases you can think of to explain the fall back to a realistic mc, but the facts are the facts. Great vision no fundamentals yet.