Buru will have $75m cash, $40m of which is advance funding from Alcoa, so the base case valuation of Buru is $35m. Obviously Arc's valuation assigns a value to the acreage and plant, but currently the diff between the 0.3 AWE plus Cash + Buru cash value makes it a clear bargain. And the upside valuation of Buru's acreage is all well and truly free
cheap entry, page-8
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