Hi @Pinecone54The only thing we know for certain at this stage,...

Hi @Pinecone54

The only thing we know for certain at this stage, about the value of Pirra, is that it has had a recent cash injection of $5M, and prior to this it's cash balance was negligible. So CAI's 40% of pirra (which now has capital of $5M), currently equates to $2M of capital (which of course is exactly what they put in).

In the deal with SQM, the shares were priced at 20c, and CAI ends up with 30M (out of 75M) shares, which are notionally worth $6M. However, that is just an agreed value between the parties at this point. Where the value goes from here is anyone's guess.

Which is why I think Euroz Hartleys may have chosen to largely ignore Pirra in their analysis, simply applying a valuation based on the current knowns - perhaps $2M or $6M. The impact would thus be so small as to make little or no difference to the price target of 32c ($6M would contribute just 1c).

All IMO.