Sapan Ghai, Chief Commercial Officer of Sovereign Metals Limited

One part of this interview was really very exciting because it was about the general valuation criteria in the various development phases of a company. He said the following:

After publication of MRE - approx. 0.2 NPV
After publication of PFS - approx. 0.5-0.6 NPV
After publication of DFS - approx. 0.7-0.8
NPVStart of production - approx. 1x NPV

Here is the valuation I roughly calculated for Sovereign Metals based on the figures mentioned in the video and the optimized PFS:
Number of shares: approx. 600 millionNPV (real, before taxes) - approx. US$ 2,322 billionTax deductions cannot yet be finally factored into this calculation, however, as the missing tax conditions or deductions have not yet been agreed by Malawi.

NPV (estimated after taxes) - approx. 1.6 billion US$
Price after PFS valuation with estimated 0.5-0.6 NPV: approx. 2.18 - 2.39 AUD
Price after DFS valuation with estimated 0.7-0.8 NPV: approx. 3.06 - 3.51 AUD
Price after start of production estimated 1x NPV: approx. 4.37 AUD EUR

That's why I stick to my opinion: the longer RIO TINTO hesitates with a takeover offer, the more expensive it will be for them in the end - and conversely, of course, the more profitable it will be for us shareholders. But as long as the tax framework and tax deductions with Malawi have not yet been finalized, RIO TINTO will certainly not make a takeover offer. Perhaps you should ask SVM whether there is an approximate timeline in which you expect the government to announce this necessary information.