Ann: US$52M Term Sheet Signed for New York Battery Plant, page-167

Hi anf0, we have seen a few posts by holders in recent days asking why the SP performance is not real good given their perception of MNS value. Well I think your post provides some clues. A retail investor may look at the plant and say hey we have an asset with a replacement value of $200m, thus justifying MNS high market capitalisation whereas a professional investor is likely to look at it and say hey they have an asset worth $25 to $50m but still have a lot of money ($150m to $175m) to spend to get it to the same stage as that replacement value basis, eg lease a building to install it, install it, commission it, employ staff to operate it, train those staff etc. And even then we have no feasibility studies to indicate if it will ever be successful.

So a different way of looking at it, if the second way is correct then perhaps unfortunately MNS may still have a fair way to fall to reach a realistic valuation.

All in my very humble opinion

All the best to holders.