Ann: Shipping and Operations Update, page-89

Far more simplistic to use empty cells for multiple quarters when a clear trend of increasing output and recoveries is already manifest (and thus a downtrend in costs can be expected). The market is meant to be a mechanism for forward looking valuations too so using a conservative PE on early stage numbers also doomed to undervalue.

We look nailed on for >190,000 tpa and possibly much higher soon, prices are soft and may well soften to $550 USD soon. That will be slightly mitigated by AUD depreciating.

Costs per tonne will remain opaque for a while $420 AUD is conservative going off guidance. So worst case is about $790 AUD/Tonne - $420 for a margin of $370 multiplied by 190,000 giving gross revenue of $79,000,000. Early stage producer with clear upside and expectations of spodumene price recovery makes for a PE of 10+ as more reasonable.

30% tax, say approx $600,000,000 valuation, take off the debt gives $430,000,000, 2.2 billion shares, gives base case 19.5 cents per share, thus IMO still very good buying and a minimum takeover price of 40 cents.