it values the project at 225m but the company at more than you are saying
the 60% is 135 BUT they will have circa $40m surplus cash over what is required to contribute to capex on a gearing of 50/50
furthermore the project NPV will rocket on new PFS, the risk profile plummets as now effectively fully funded and timlines bought fwd so time value money etc
the ROE rockets as the existing equity is now undiluted on a low gearing.....AND WE RETAIN 60% MARKETING RIGHTS OVER OFFTAKE
It is the deal of the decade and values G1A at over 85c
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