Please. Equity being a post tax consideration is not the same...

Please. Equity being a post tax consideration is not the same argument as applying a flat 30% discount to NPV and basing market cap valuation estimates off that.

All of this talk of percentages of NPV are essentially arbitrary anyway. Funding, path to production and sales are what will ultimately count. I’m more interested in how the project tracks against the baseline metrics they’ve established of 36% IRR, $80M+ annual EBITDA, ~$90M start-up CAPEX, mining next year, profitable in year two, growing demand into decreasing supply. If they hold or improve, everyone should be happy except the shorters and trolls.