{
  "resource_envelope_r_bn_2026": 253.54,
  "stage_value_weights": {
    "Resource": 0.12,
    "Primary\nrefining": 0.16,
    "Advanced\nmaterials": 0.2,
    "Core\ncomponents": 0.22,
    "System\nassembly": 0.22,
    "Services &\nrecycling": 0.08
  },
  "portfolio_local_value_share": {
    "Current footprint": 0.376,
    "Focused integration": 0.6629,
    "Frontier partnership": 0.8141
  },
  "chain_local_value_share": {
    "Current footprint": {
      "Manganese": 0.2832,
      "PGM / hydrogen": 0.44,
      "Vanadium / VRFB": 0.435
    },
    "Focused integration": {
      "Manganese": 0.615,
      "PGM / hydrogen": 0.6968,
      "Vanadium / VRFB": 0.692
    },
    "Frontier partnership": {
      "Manganese": 0.7744,
      "PGM / hydrogen": 0.8446,
      "Vanadium / VRFB": 0.835
    }
  },
  "capital_allocation_r_bn": {
    "Power, water, rail and ports": 76.06,
    "Manganese materials hub": 43.1,
    "PGM and hydrogen components": 38.03,
    "Vanadium and VRFB chain": 27.89,
    "Shared chemicals and parks": 25.35,
    "Supplier and working capital": 17.75,
    "R&D, testing, skills and IP": 15.21,
    "Contingency and closure reserve": 10.14
  },
  "bottleneck_scores": {
    "Reliable, competitively priced power": 95,
    "Bankable long-term offtake": 92,
    "Project governance and commissioning": 90,
    "Technology licensing and operating partner": 84,
    "Rail, port and specialised logistics": 80,
    "Water, reagents and effluent treatment": 75,
    "Process-engineering and production skills": 72,
    "Supplier finance and working capital": 64
  },
  "readiness_items": [
    {
      "item": "Manganese ore",
      "chain": "Manganese",
      "readiness": 91,
      "strategic_upside": 38,
      "capital_intensity": 20
    },
    {
      "item": "Manganese alloys",
      "chain": "Manganese",
      "readiness": 63,
      "strategic_upside": 54,
      "capital_intensity": 48
    },
    {
      "item": "High-purity Mn sulphate",
      "chain": "Manganese",
      "readiness": 74,
      "strategic_upside": 91,
      "capital_intensity": 43
    },
    {
      "item": "Precursor / cathode material",
      "chain": "Manganese",
      "readiness": 58,
      "strategic_upside": 84,
      "capital_intensity": 67
    },
    {
      "item": "Battery cells",
      "chain": "Manganese",
      "readiness": 30,
      "strategic_upside": 88,
      "capital_intensity": 96
    },
    {
      "item": "Pack, BMS and integration",
      "chain": "Manganese",
      "readiness": 68,
      "strategic_upside": 70,
      "capital_intensity": 44
    },
    {
      "item": "PGM refining",
      "chain": "PGM / hydrogen",
      "readiness": 86,
      "strategic_upside": 58,
      "capital_intensity": 42
    },
    {
      "item": "Catalyst powder and inks",
      "chain": "PGM / hydrogen",
      "readiness": 72,
      "strategic_upside": 86,
      "capital_intensity": 38
    },
    {
      "item": "Membrane-electrode assemblies",
      "chain": "PGM / hydrogen",
      "readiness": 58,
      "strategic_upside": 90,
      "capital_intensity": 55
    },
    {
      "item": "Electrolyser / fuel-cell stacks",
      "chain": "PGM / hydrogen",
      "readiness": 46,
      "strategic_upside": 82,
      "capital_intensity": 72
    },
    {
      "item": "Hydrogen system integration",
      "chain": "PGM / hydrogen",
      "readiness": 52,
      "strategic_upside": 77,
      "capital_intensity": 78
    },
    {
      "item": "PGM recycling",
      "chain": "PGM / hydrogen",
      "readiness": 78,
      "strategic_upside": 74,
      "capital_intensity": 34
    },
    {
      "item": "Vanadium pentoxide",
      "chain": "Vanadium / VRFB",
      "readiness": 70,
      "strategic_upside": 59,
      "capital_intensity": 45
    },
    {
      "item": "VRFB electrolyte",
      "chain": "Vanadium / VRFB",
      "readiness": 79,
      "strategic_upside": 79,
      "capital_intensity": 32
    },
    {
      "item": "Stack materials",
      "chain": "Vanadium / VRFB",
      "readiness": 50,
      "strategic_upside": 72,
      "capital_intensity": 52
    },
    {
      "item": "VRFB stacks",
      "chain": "Vanadium / VRFB",
      "readiness": 57,
      "strategic_upside": 82,
      "capital_intensity": 61
    },
    {
      "item": "VRFB system integration",
      "chain": "Vanadium / VRFB",
      "readiness": 72,
      "strategic_upside": 75,
      "capital_intensity": 55
    },
    {
      "item": "Electrolyte leasing / recovery",
      "chain": "Vanadium / VRFB",
      "readiness": 73,
      "strategic_upside": 77,
      "capital_intensity": 36
    }
  ],
  "interpretation": {
    "focused_capture_percent": 66.3,
    "frontier_capture_percent": 81.4,
    "current_capture_percent": 37.6,
    "note": "All localisation shares, stage weights, readiness scores and capital allocations are transparent scenarios, not forecasts or investment advice."
  }
}