I dont understand, page-15

Vacre,

I had a quick look at the 2010 WEC Annual Report. WEC is the nearest comparison we have. They had back then shares on issue of about 300,000,000 so at $4 per share their market cap was around $1.2bn (very rough).

If ESI had a market cap of $1.2bn our SP would be need to be 48 cents.

Arrowhead reckon we are worth $100m for based on current information; that is, the combination 1 x Coldry demonstration plant and 1 x Matmor pilot plant.

Therefore, a market cap of $1.2bn equates to about another 12 x Coldry/Matmor combos. Achievable? Look at the business plan, look at the market, look at the scalability of each plant and add a 3-5 years.
All imo DYOR.
Cheers
tbedon