It's important to note that even if the JC took 50% and then...

It's important to note that even if the JC took 50% and then organized funding with zero dilution...we would be making 400m EBITDA a year. For 40 years.

This is why I believe any form of announcement even remotely along these lines would cause a permanent re-rate. Market cannot ignore something like this. If one fund tries to play games and force it down with what limited SOI they have, other players will just take the shares off their hands and it's done.

Of course it will take time (2028) to reach full value with varying % unlocked along the way as technical milestones and funding are sorted out...but if the Japanese are on board you cannot ask for better partners.