New Edison Valuation - Up to 7.27c, page-51

Hi Sharpey.
As you pointed out in an earlier e-mail there is signfiicant risk going to P1 and P2. And besides the risk there is the question of how the financing is organised. So to account for that I do my calculations and then divide them by 2 to bascially account for 50% "risk". Can also see it as financing costs or whatever. So that would lower your 75 to 37c.

Furthermore, I have used conservative prices for the Lithium carbonate (still using that an not hydroxide as it is rather new and has to be proven with the pilot plant now). Also I do not fully buy in the "zero costs" as it is unclear if all the by products can be sold and if sold can they be sold for reasonable prices. So I guess that explains the difference between my 25c and your (derisked) 37c.

And yes, my 7c was also computed using 50% risk. So could be 14c depending on how the finacing is done and lithium prices develop and how the actual costs turn out to be...