The Dawn of EV, page-426

Hey Asil

Just look at VUL (picture below).

PFS released in Jan 2021. Went from $2 to $14 overnight, stabilised at $8, now to stabilised at $15, as per below Canaccord Valuation.

$15 based at 50% risk weight of NPV (AU$3.5B).


This is a game of odds. The trick is to play your bets where the odds are in your favour. If you don't feel comfortable don't bet. You might want to try other things all together, like a casino, bonds, or a savings account.

Based on similar VUL path, E25 is about to release the beast (PFS). I would say that E25 should reach at some stage soon:

Either

• $ 3.38 (as 50% discount on Stage 3 Ore Mining only)
• $ 6-7 (as 50% discount on Ore Mining + HPMSM project - base pricing scenario)
• $ 20 (as 50% discount on Ore Mining + HPMSM project - bull pricing scenario)

And these numbers above are for 50% of full projects potential upon nameplate production. And you will have peaks and troughs upon those price reactions if they occur.

Hey, we can also go back to $0.30. As said initially, this is an odds game. You calculate the odds % to every scenario, and then wait until the ball stops in the roulette wheel.