I'm glad you understand that I am not down-ramping and purely...

I'm glad you understand that I am not down-ramping and purely stating the facts.

Make sure you adjust the Triple C valuation, given that that was based on 100% project ownership. GMC have sold 25% of the Project now.

Triple C's valuation was $116M (of which 25% would be $29M for an equity stake).
Wonder which parts of this valuation were not accepted, to agree to a $6M secured debt buy in for 25% of the Project.

I guess Triple C's valuation is theoretical, and the actual valuation point we have is that from the debt holder ($6M for 25% stake). Not actual yet, as the debt holder still needs conditions to be satisfied before they buy in.