Independent Investment Research Report, page-6

@Lawuki thanks for sharing the link to this report, hadn't seen it.
Great time to start initiating some coverage with what's coming.
Personally I think the 57c valuation is ultra conservative and will need to be revised as soon as the Alcoa JV is signed and the project economics improvements are confirmed to market.
Over the top discounts included throughout and a few initiatives not acknowledged.
No talk of the other HPA opportunities we're working on either that will add value but I guess they haven't officially been announced to market, yet.
These reports always get revised as milestones are achieved and the risk of getting to production.
57c for now is a start and better than no research.