It's a very healthy idea to look at what the SP might be in case...

It's a very healthy idea to look at what the SP might be in case of a total failure of the REE project, because that defines the size of the down-side risk.

As you say, it may be that realistically, the down-side risk is limited to losing half your money on DMN... (DMNOx is quite a lot more risky on the down-side). This could be a major factor in the decisions by the large players, because that effectively means that with a $100k investment you're really only risking about $50k on this project.

I have no idea what the realistic bottom is in the SP based on their other projects... someone with more knowledge of DMN will have to answer that for us :)