EXR Trading 2024, page-317

Bringing in a partner at Project level won’t dilute the SP. It only dilutes our share in the project.

Diluting at project level is the best way to generate the cash we need to exponentially increase the value of the company.If we give 20% away of a $1B project, we get $200M in cash to get our project to commercialisation and still generate $800M in value for the business. Grandis valued at $800M (80% of $1B) after a capital injection of $200M by a partner, puts the true value of the company at at least $800M, which is around 70-75c a share with the current SOI.

*$1B value of the project based on (1TCF = $1B)