Ann: Corporate Presentation August 2017, page-17

Just looking at the PFS for 4 mil tonnes pa and assuming 1.8 million shares, the given EBITDA is $245 mil.
Ignoring that this is
- conservative regards price received
- based on less that the full resource size
- not allowing for the fact we will actually be doing 5 mil tonnes pa

Deducting 30% for tax the $245 mta becomes $171.5 mta
Dividing by number of shares (say 1.8 billion) = 9.5 c per share
Assume a P/E multiple of 10 this gives a share price of 95 cents (which is absolute minimum)

At 5 mtpa add 20% gives $1.14 as the share price and that is extremely conservative regards current pricing and resource size.

However you look at it the current share price is grossly undervalued so holding on until the company is in production and real figures emerge, look like the thing to do.