Tried a couple methods, both returned substantially same results so took the lower.
First one simply shaded EBITDA by 30% and calcs NPV using 29 years of constant post tax earnings and adding back year 1 investment (as a negative) as follows:
Second approach I shaded EBITDA only by 27% as they spoke in the PFS about R&D tax incentives being factored in.
Then calcs NPV assuming investment in a year (as a negative), then 30 years of shaded earnings as follows:
Medium Term Target: A$1+ billion market cap, page-1039
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