Interesting podcast here with the founder of Inhibit Coatings: https://www.morgo.co/podcasts/eldon-tate

• "There are 5 of us working at the company at the moment mostly from a technical perspective, but we are looking at growing this out, particularly now that we are breaking into the US market..."
• "We derive revenue from project R&D with our customers and also direct sales of materials with our customers"
• "We've minimised technical risk and now we are focused on meeting customers and growing sales"
• "We are raising at the moment, and the main focus of this raise is all around business development and minimising our commercial risk going forward"
• "We're currently based at Victoria University in NZ, but we will be looking to scale up into new facilities"

My take is that this is important news because PVL owns ~17.5% of the company, which is worth around A$800K currently based on an Inhibit valuation of ~$5m (last round was a seed round in July 2021). This puts Inhibit in the top 5 biggest positions in the PVL portfolio.

Following the pending Series A round mentioned in the podcast, we could see the Inhibit valuation double (potentially triple), and PVL's carrying value in Inhibit Coatings may increase again from A$800K currently to north of ~A$1.5M. I would hope that Inhibit's valuation could rise from ~$5M to ~$10M+.

Deep tech valuations can potentially be much higher than that at the Series A stage: https://www.bdc.ca/en/articles-tools/blog/deep-tech-valuations-how-they-compare-software-start-ups

That would lead to another NTA uplift. Given there are circa 120 million PVL shares on issue, a carrying uplift in Inhibit of circa $700K, would equate to a PVL NTA/share uplift of ~0.6c/share. This combined with the recent Skykraft raise (A$120 million), suggests to me that PVL's NTA/share is in the process of rising again from 8.9c/share to potentially north of 10c/share.

Let's see.