BKT, page-23

There is recent market precedent that does support valuation being attributed to the full project but as you say there is a lot to consider to any investor. I think the lack of institutions on the BKT register may limit that ability to apply a 'look-through' valuation but retail may surprise to the upside.

I kind of think the module approach is really a way to get the project off the ground but in all likelihood, BKT to me is a POSCO T/O or potentially fast tracks other modules.

ABR comes to mind as one that traded very well to it's 4 phase module approach. It traded as high as $975m market cap versus a module 4 NPV8 of USD1.9B. That was until a strategic review found it should probably deliver the entire project in one. All of a sudden dilution becomes a reality and it trades off.

BKT has an NPV10 of USD1.2B so perhaps there is scope for a AUD600-800m market cap.