Hannam & Partners - 60 page Renergen Research Report, page-2

Found this nice

King.

"Catalysts: start-up of Phase 1 and financing and FID of Phase 2
The main catalysts are commencement of Phase 1 production validating that
the technology works, derisking Phase 2 on which we are expecting funding
announcements around both debt and equity, as well as uptake on the helium
“tokens” issued to raise up to US$25mm. We subsequently expect FID on
Phase 2 later this year. Well results will continue to be important in terms of
flow rates and helium content.
Valuation: >50% upside to our risked NAV
Our main valuation methodology is a risked NAV as Renergen will not be
generating significant cash flow until Phase 2 comes online. Our risked NAV is
A$4.8/sh or R55/sh, which implies ~55% upside from the current share price.
Taking just the 2P value (excluding contingent resources and exploration
upside) gives a risked value of A$4.3/sh or R49/sh, still implying 35% upside.
On a fully unrisked basis we see ~250% upside to the current share price."