Not to mention they are expecting to obtain a production ready asset with plant. So say what US$20m+ in acquisition fees (based on the deals Brewer has done for VEC on similar stage assets) and a 60% stake.
If that happened would make it something like a $90m cap or $150m full asset value and the holders are still expecting a pump after that. Meanwhile as you say NZC sits here capped at $80m for 95% of a project and no complicated JV partners. Blows my mind and frustrates me all at once.
NZC Price at posting:
29.5¢ Sentiment: Buy Disclosure: Held
