PGY Charting., page-94

Thanks, good pickup.

My reading of it is as follows:
- Currently Samsung's contribution values the JV at $335M, which is minimum price based off sunk costs. Samsung get a sweet deal because they are first to the table. Pilot get $67M, and retain 80% or $268M worth.
- Pilot are prepared to sell an additional 40% of the project away to be free carried on the remaining 40%. Additional parties will more likely enter year, by which time we will have NOPTA and FEED, substantially derisking the project, necessitating a higher price entry point.

Either way, we've had external validation that our project is currently worth 15x our current market cap.

Now, we will have to bear some dilution to get to the point the money hits the bank account. How much dilution comes down to how well Brad and team can manage the brokers/traders who (might) be playing the stock, and hoping to get it at a massive discount in the next month or so. They need to avoid, as much as possible, any of these piranhas coming into the next raise. They need to get a cornerstone in (maybe said Koreans) at a premium. Failing that they need a SPP to look after and protect Greg Columbus and existing holders.