Nice analysis nidrac. You're right that it shows the increase in...

Nice analysis nidrac. You're right that it shows the increase in valuation by the industry players who have invested in JDCP during the investment phase of the pilot commercial plant. I question the valuation based on production of 12k tonnes per annum of SPA, wouldn't this be based on earnings rather than revenue? But that's just a small issue because the main point of your analysis is correct, and the initial annual production is tiny compared to what the real numbers will eventually be, much higher in a real commercial operation.

MAK are certainly positioned to follow that type of valuation path once the process is proven commercially, and our BFS based on such produces a good commercial basis to proceed. And unlike JDCP, we have a very large resource that appears totally suitable for IHP. A very promising outlook for MAK once this trial phase is done.