Yeah, in USD.
The P/E is in reference to "royalty company" valuations vs other producers, as you point out, which is massive.
Coming back to this, he mentions an offer book for about $12m, and they'll be looking to build that hopefully up to $20m next year.
I actually think they should build and operate a larger plant where they can do contract recycling for manufacturers during this ramp up phase, in order to generate revenues, build a reputation with more companies and further refine processes.
They could always sell the plant at some stage in the future.
General Neometals related news, page-3772
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