Finance is the only thing that matters, page-7

The easiest calculation for it it's Market Cap (MC) being equal to the NPV when the mine starts operation. Obviously, as you de-risk on the road i.e. permitting, PEA, BFS, Financing, Mine Build etc to an operating mine the MC should start to converge with NPV.For rough calculations, if the NPV the mine is ~1bn AUD and the MC is ~60m then effectively you take current Share Price (5c) and multiply it by 16 (NPV / MC) equals a maximum of 80c (This is before any additional resource drilling etc).

The literal million dollar question, which is currently keep our SP down is the Strategic Equity Component and obviously financing.This is where your point comes in, if we have a strategic equity partner at 50% (for ease of calculation) basically we would only get 50% of the NPV so 500m AUD (divide that by the MC is about 8).Multiply 8 by current SP of 5c and you get 40c. If the above scenario came to pass we should be +/- the 40c mark when production commences. IMO probably low to mid 30s. The less the strategic equity partner consumes the better for us shareholders.

and for this who say the EXIM have provisionally provided 100% funding we don't need to give away anything. Just imagine it this way, banks aren't going to take on 100% of the risk and especially not for a company with no operating mines (/ a company that has never even run a mine) - those days are over. EXIM will want to ensure the risk is reduced to protect their capital and that's why they want a strategic equity partner. And let's be clear "Equity" means they take a chunk!