OK so lets assume its going to cost USD1B to develop AVZ 44.5%...

OK so lets assume its going to cost USD1B to develop AVZ 44.5% share of Manono after selling 30.5% to CATL.

Sooooo....at USD8.5M for each 1%, AVZ share is worth about USD380M....add USD1B so it brings it to USD1.38B. But hang on, Kobold isn't going to pay AVZ USD1B and then spend ANOTHER USD1B to have to actually fund the development. That will come off the purchase price so you are back at....Ummmm...USD380M.

The project will be valued at X (resource in the ground, mine life, sovereign risk etc) minus the cost (development, processing, transport etc) to obtain the resource. The purchaser will only pay the difference.