Point is Phoenix values way higher than $200M. Agree with poster if there is a Cap Raise then it should be closer to Billion dollars.
Also I wouldn’t compare Phoenix with Vulcan.
Anson is just another US player. Which I randomly choose. Many of this projects with low grades will be non feasible.its not apple to apple comparison.
But I won’t compare with Vulcan either.
At this stage there is no perfect listed entity to match. If in doubt always look for CTR and recent JV of BRK with OXY
