E25 3.64% 26.5¢ element 25 limited

Battery Grade Mn, page-174

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    Because of the NPV.
    Because some of the assumptions used to calculate the NPV are conservative
    Because there is an extra years discount in the NPV
    Because the Capex is in the NPV and that has already been spent
    Because the execution risk is in the price
    Because the upgrade potential
    Because once cash is being generated, the cash balance should add to enterprise value

 
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