TBH I find it a bit ho hum, however for recent investors or...

TBH I find it a bit ho hum, however for recent investors or those that don't follow closely it's a comprehensive document.
I don't understand their NPV valuation approach.
Time horizon: The time period chosen for the valuation is 324 months (2023E-2049E).
2049 LOL - I'll either be dead or too old to care.
How is it possible to value a company with two active projects neither of which have a DFS?
Garbage in garbage out IMO.
Let's wait for Arrowhead to churn their numbers again once the DFS numbers are available.
If both Cerenergy and Silumina Anodes receive funding then AUD 0.68 may look conservative.
The Cerenergy technology is proven so I'm very confident it will be successful and thus AUD 0.31 looks possible sometime next year if all goes according to plan.
Silumina Anodes is not yet proven but if the battery and car companies give it the big tick of approval then all hell will break loose with a SP > AUD 1.00 IMO.
In that case IMO, it should then be feasible to repurpose Johor to produce Silumina Anodes, unlocking the value already sunk into that project.