Hi Chris - yes agree with what you have written.
In 2 years time stage 2 will have been running at nameplate for a while, the Hydroxide plant may be being built and stage 3 could be definitely on the cards.
These are things that would Also not go unnoticed by larger players like RIO, BHP and other large Lithium miners - pretty much at the point where demand could definitely outstrip supply...
So while $2.00 looks fair now (with some record of money flowing in first), I think $5.00 is a definite possibility too based on the above.
SK60
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