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As I thought, all the PFS figures are true at ALL topco. But SH are only going to get half that NPV and profit.
Actually it will be further reduced when the Ghanain Investment Board are cut in .
It seems like smoke and mirrors.

and let's hope Piedmont are going to pay market rates, because if it was less than market, we SH would be susidising them

The piedmont agreement says they will pay market price for the offtake. The other 50% will also obviousy be at market. AS Piedmont own 50% of the Ghanaian sub, they will effectively get 100% of the profit on their offtake. I can't see how ALL SH will benefit at all on the Piedmont offtake.
As you say I'd love to be wrong.

It seems to me that all the projections put forward by Atlantic are the total for Ewoyaa which is of course held by the Ghanaian subsidiary.
However, Piedmont have taken 50 percent of the subsidiary , so presumably it will not be consolidated into ALL's accounts and only ALL's share will be included. Has this been taken into account in the valuation or comparison with other lithium competitors.
Also it seems to me that ALL's central costs, directors salaries etc will be a cost to ALL and not to the subsidiary, which means Piedmont will not be contributing.

The Casa deal was $250k cash, $1250k in shares in an unspecified Canadian company and a $5m secured loan note for which Archas subsquently accepted 3m shares in Tingo.
The Tingo shres were worth over $7.5m in April but are now only worth $4.3m
It begs the question why have some or all were not sold or were we locked in for a period.

and thanks Oiltap for contacting CB and sharing.

Some share price rise predictions and valuations here are not backed up by any reasoning. Taking the companies 2021 guidance of Cu 6600-7400 tonnes and Au 1700-2200 oz and applying current approx sales prices of Cu $8000 and Ag $1800 gives a revenue of roughly $60m.
There are no available figures yet for year 2020 but loooking back to 2019 and 2018 production costs were around $45m and these were for lower Cu production than 2021 guidance . I guess these costs will be higher to account for higher production as well as some inflation--let's say +15% =$50m. And G&A was $4.5m say $5m.
So $60m -$50m-$5m gives a pre tax profit of $5m and I suspect I may have skimped on some costs.
On the other hand, the recent placing was 3 X oversubscribed and I presume they were given some guidance,( although I can't see anything in the public domain) and therefore they must have been convinced of the business case.
I put this forward as a starter to get more thought into the outlook and would welcome sensible views

That is incorrect. As long as you complete a W-8BEN form , which is pretty simple depending on your platform, you can keep them