Australia's Largest Onshore Manganese Resource, page-16

Euroz-
Mn concentrate export operation commencing at ~360ktpa in FY22prior to a twofold increase in capacity and production in FY23;
An inevitable expansion to high purity Mn production via E25’sestablished hydrometallurgical process flowsheet which hasdemonstrated the capacity to produce EMM at a purity of99.95%Mn from Butcherbird ore;
Our NPV10 valuation of $1.08/sh excludes the material upside of theproduction of battery grade Mn sulphate;
We apply a risk-adjustment factor of 70% to our valuation, largelyowing to the binary nature of whether or not ore sorting canrepeatedly beneficiate the Butcherbird ore to a concentrate gradingat 33%Mn;

$5 a share is perhaps a little light looking forwards 3 - 4 years. With interest rates as low as they are, an NPV10 is very pessimistic.