Ann: Battery Conference Presentation - March 2019, page-136

to be fair mate the p/e is based on potential of which wfe will have to prove it has by exploring its assets and demonstrating reserves (min 12 months usually 3 years) as relying on ore supply is not sustainable as one is not in control if the feed quantity or quality. However for a short term or top up supply source this is adequate to minimise the dilution and assess the capacity of the plant. So if the basic Cash flows can be used to commence and progress exploration and resource definition the sp will have a pe of closer to 10 but in its absence maybe closer to 2 or 3 unless the cobalt price recovers to the 50k levels. The important step is that the plant acquisition if proven successful will provide a short cut to a multipronged ore supply designed to keep the company Cash flow positive and viable whilst it maximises shareholder value. Still a few boxes to tick in regards to realising optimal value but very close to relisting be it at asx or lse.