Its a common metric in any industry for takeovers to get the actuaries to crunch a percentage of the calculated value, with some board room sales premium on top if competing bids.

Another good question is who could the buyer/buryes be. Its a pity it was not mde public to whom all the bulk samples all went. Any leads would be intersting.

Bearing in mind all that has been discussed before on here, this could go for a much higher price than what it is currently, and still be way below future value given all the possible upside in downstream revenue from battery technology and pebble bed nuclear ie high tier future markets not yet fully estabilished for low cost bulk mining and refining of premium graphite

(and the resource in bulk; and low cost refining; and physical/chemical/electrical characteristics of the premium graphite, is available at lower cost to all peers. The PEA should confirm that).