Revenue from the Pilot Plant?, page-30

The way I see it is as follows
By year end 2022

Revenue $40 million
PE ratio 20 ( I would normally go 15 to be conservative but as revenues are set to ramp up year on year there will definitely be a premium based on that)

MC - $800 M

Dubbo NPV $2.6 billion
50% margin of safety

MC - 1.3 B

Combined and not taking into account future MP and etc, we have 2.1B market cap pricing in significant risks

We can and will double very soon, as things ramp up than expect a rerating very easily to $20 to $30

Once Dubbo plant is at full ramp up and KMP at full production, we'll have a profit of $587 million a year, thats an easy 9B to 12B market cap right there on PE ratio alone