The $60B Opportunity, page-3

Is it a demo plant? I understand that the semi-batch process is already scaling up to 2-3 tonnes per day per 20-crucible lines. Each line has a CAPEX of <$10m if I understand Michael correctly.

It is not possible to value MTM. We do not know the details of the deal with Indium. We have no idea of how the various licences with Vedanta & Meteoric will be valued. There are three components: upfront sign-on fee, annual licence fee and royalty stream. But MEI will only have a licence for Brazil. Same for Vedanta in India? IDK.We don't know how serious Lynas is or the owners of the Greenbushes mine. These are big tailings dumps containing valuable metals ideally suited to FJH technology.

We don't know details of the licencing deal with United Standard Materials for using FJH to recycle wind turbine blades etc.We don't know the details of the (as yet signed) deal with DoD. The volume of recycling is one thing, not just military hardware but PCBs too. There is also the scrap. When DoD contractors, Boeing, Raytheon etc. make hardware for DoD the off-cuts, trimming and other waste remains the property of DoD. How much of that stuff is lying around and how much gets generated each year?Michael said MTM will be a Top 5 gold producer on the ASX in two years. Add in the other precious metals recovered and it's easy to argue that this segment alone could be valued in line with GGP i.e. $4.5b. That excludes Pd/Pt from recycling catalytic converters. It also excludes any operations in Europe, or Japan & Korea.It is impossible to value MTM.

One thing's for sure, it's worth more than $5b in two years time! And there is no further dilution.Metallium's FJH technology is a huge industry disruptor. I defy anyone to value it.