SemmelThe lowest NPV on the Niska scoping study is for US$ 1610....

Semmel

The lowest NPV on the Niska scoping study is for US$ 1610. Assuming the maximum shares issued under the JV @ 400million, you get US$ 4 per share, give or take a penny. The US$ 7500 per ton in the lowest price for Talnode C underpinning the NPV @ US$ 1610, at US$ 12000 per ton for Talnode C the difference is 12000-7500= 4500, which represents a 60% difference. What matters at this point is the NPV not the annual revenue, that will come later when the valuation will switch to the Price Earnings Ratio, which will reflect changes in price and market growth expectations.