You must help me understand the problem surrounding the Government loan. Because it only applies if Lac gets as much capital available to complete the Thacker project. It must of course be done in as cheap a way as possible, and issuing more shares will not be a bad thing either, since the capital must be used for a new project to produce lots of Lithium from 2026. It is not to pay operating deficit.

The calculation will be completely the same, because the big question is just how much Lac will be when we get to step 1: 40,000 tons, when we get to step 2: 80,000 tons of Lithium.

Step 1: Should give a market value of at least 7 billion, from which debt ets must be deducted. So with cash, GM money, loans, ci will probably have a value of around 5.5 billion, which is approx. 4 times more than the value after the split. If you issue new shares instead of loans, the calculation will be the same, but you save interest.

Remember the point is what you use the money for, from a possible issuance of shares. However, I do not think that Lac will initially issue more shares, but will probably rather attract new large investors.

Note also that my calculation does not take into account the projection of the next 40 years of Lithium production starting from 40,000 to 100,000 tons. Therefore, during the next 5 years, Lac SP will be completely different, but only much, much higher. Also remember that the price of Lithium will increase with inflation, and this earnings goes straight to EBIT.