Can someone please explain, page-8

Thanks for this... I am a little embarrassed I missed something so obvious.

Per my back of envelope calculations, cash cost per tonne of spodumene is roughly US$260. Assuming an off-take price of US$750 and 2017e production of 150kt, income comes out to $73.5M. Another $4M-$6M from the tantalum credits less $6M G&A and $3M debt servicing = 2017e EBITDA of US$68.5M to US$70.5M. With proforma enterprise value currently at US$526, EV/2017e EBITDA is very reasonable at 7.5x-7.7x and in line with the multiples given to miners of other metals.

One could reasonably argue that given the attractive growth profile, at both the enterprise and the macro level, Galaxy Resources should be trading at a higher multiple. Looking out three years, the current valuation appears to be completely discounting the potential contributions from Sal de Vida.