Ann: REWARD SIGNS EXCLUSIVITY DEED TO ACQUIRE BEYONDIE PROJECT, page-98

A Beyondie output of 90Ktpa was based on the existing ponds configured to produce solid salts, to feed a plant based upon kainite>schoenite conversion and flotation.
The syngenite process may or may not allow a greater output for RWD than Kalium Lakes.
The SOP price is more like US$550/T. The RWD scoping costs are $273/T plus $27/T contingency (scoping accuracy, for solar salt bitterns).
The annual profit is potentially more like $50M.
There is minimal debt ($2M or so to Ruane).
The P/E ratios on these sorts of companies overseas have been reasonably high, certainly over 12.
The $20M asset acquisition has the potential to turn RWD into $5-600M MC company.
This ignores the growth potential at Beyondie which is well documented and always been on the cards since KLL was floated on the ASX.
This MC also ignores KL which remains the best large grade resource in Australia. Fully permitted and also ready to develop pending a cultural heritage management plan and finance. The later will require a change of sentiment from NAIF who has been burned badly by WA SOP.
Add in royalty streams for new solar salt SOP producers and the potential is massive but we have always known this.

Without doubt Ruane will want to maintain a large stake and he will do whatever he can to reduce his dilution which should protect those with existing large holdings.
Only 220M shares on issue now. This will increase.

If the company can make swift progress then a re-rate to $1 is very realistic.