That $70 figure has been mentioned a number of times by the...

That $70 figure has been mentioned a number of times by the company. It is not one we dreamed up.
I believe it is above the raw material margin because dyesol are partners in this, not simply a supplier of muck, so they own a stake in the combined IP of the product and therefore get their appropriate share of the final cost of the product.
They also get a cut of any future licensing deals (eg licensing it to bluescope or other steel makers)

Agree the numbers look good even down at the $10 level, so regardless of how honest their $70 figure is, all we need is the deal to come off and the numbers will look good.

The other thing I have been searching heavily for from the qtrly update is this FP7 grant. I assume it is one of these
http://cordis.europa.eu/fp7/home_en.html
Depending on what the project is, it could be funded with a few $m based on what I have seen on that site, some of which will go into paying for equipment and materials from DYE, and lend some more cred to the company. Keen to see what they have in mind, and working with EPFL is good, they hold the original DSC IP of which Dyesol is a licensee.