General Discussion, page-562

No mate. There's only about 20% issued shares at IPO.

That's why I keep repeating myself, look at the market cap not the share price.

Empery or whoever else much like EUR (major investor of CRML) don't look at it from that perspective. The capital investment would've been based on % ownership of the overall company/assets based on pro forma enterprise valuation.

Enterprise valuation don't change during negotiations even if the market looks rosy/bleak for lithium and NPV was undervalued/overvalued, it is the pro forma market capitalisation that is up for debate as no one really knows market sentiment and confidence at any given time. Don't get them confused in your calculations.

Share price is not part of the equation. It is the "x" or the answer, once during negotiations both parties agree on number of shares.

Then once all settled and done, and it is, it's up to the market to "debate", at what price to buy or to sell. This is where we are at right now. CrML and EUR are two different and separate companies now. EUR eventually should be valued by the market based on CRML shares (their value) + other assets.

Hope this clarifies. I do appreciate your looking into the abyss of M&A as previously mentioned. Old timers like me should really break silence on these things but I'm sure you can somewhat now also appreciate why we haven't got much patience for it. Cheers