I look at it like this, NPV after changes to royalties with...

I look at it like this, NPV after changes to royalties with mining lease is $1.3B USD.

At a 65 AUD/USD exchange, that's $2B AUD for 100% of the project.

Post 13% free carry, 6% wealth fund and 50% of remainder PLL, Atlantic holds 40.5% of the project or $801m AUD.

That is at pricing of $1,587 USD/t versus current of ~ $1,900 USD/t - people are calling it the bottom.

646m securities fully diluted represents $1.24 per security. There's a final funding shortfall of AUD $59m. That's likely structured partially through the remaining 50% offtake but even if you raise the $ at around current price, that's an additional 118m securities, taking SOI to 764 million, or $1.07 per security.

So we've received an offer at a 41% discount to Atlantics share of project NPV, with pricing at the bottom of the market cycle and Atlantic just scratching the surface of exploration.