If Volt won a grant of $USD 100m /AUD$153m I'd imagine market cap would adjust to cash balance. So potentially 3.5-4c. However that would almost certainly put it on the radar of Instos, which could result in an even higher valuation.
Many other factors to consider also, will they have funding done for Bunyu? Situation in Ukraine and ZG mine. Offtakes with battery makers, etc. Markets are not an exact science so very hard to know.
Ann: Update on Downstream Business Activities, page-9
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