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9,600 tpa design.","Canada, Bokan and external RapidSX receive separate risked values.","US$98.2 million of funding is required; 55% is non-dilutive; diluted shares reach 167.8 million."],"primaryRisks":["Binding feedstock and offtake economics remain undisclosed.","Later Louisiana and Canadian capital are estimates.","Most Louisiana value is beyond the explicit five-year period."]},{"name":"bull","label":"Premium Western economics and broader portfolio execution","impliedEnterpriseValue":1001.3127,"impliedEquityValue":1072.1862,"impliedValuePerShare":9.6168,"probabilityWeight":0.2,"keyAssumptions":["Louisiana achieves premium contribution spread and timely full build.","Canada, Bokan and external RapidSX advance with strategic funding.","Dilution is limited to 153.4 million shares."],"primaryRisks":["Strategic scarcity may not accrue to Ucore.","Bull margins and funding terms are unproven.","Execution must succeed across multiple 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