ASX Today, page-17190

Looks like you are right. I assumed he used free cash flow. From the DFS the Free Cash Flow was 12.2bil over LOM, using US$1,392/t FOB based on long-term Roskill forecasts.Initial NPV of $4.2b and capital payback of 2.3 years.Using the free cash flow expected instead, annual profit is $530,435,000 per year over the 23 LOM, and earning per share 24cps. This is much more than @anatol calculated.
Please correct me if I am wrong in using free cash flow this way as I am medical and not an accountant.
At a spot price of US$1822/t, Liontown, would increase its NPV to $6.6 billion, its IRR to 87% and reduce its payback period to just 1.4 years.
With long term contracts expected to tick up even further and with our offttakes linked to the hydroxide price, I only see further upside given the tight market expected for the remainder of the decade.
Of course, all this is before we look at the added "rent" which could be achieved in going downstream. That is the really exciting part for me. I hope we get there.
G