PSC Charts, page-487

Well a realistic EBITDA is $175m USD at around $890 a ton spod

say a conservative 50% dilution that will equate to 650m shares on issue

at PE of 10 that's a share price of $2.70 USD or a tad over $3.30 AUD

87% ownership so around $3

That is a very very CONSERVATIVE view. HIGHER spod prices (which they currently are), less dilution (which is absolutely possible when you have 7 international parties fighting to fund), and a PE of 20-30 (which number producing lithium miners have) and you have a share price in excess of $6.

Not ramping, just using the raw numbers from the OFS