MACQUARIE TARGET FOR SYA IS $1.80, page-35

Firstly, the numbers you're quoting for Pilgangoora are reserves, not resources. From a resource perspective, Pilgangoora was last measured at over 300MT @ 1.14%. This number will likely only increase over time, as they haven't finished drilling yet.

Secondly, PLS is currently generating an operational profit after tax which is the same as SYA's market cap. Now stop and think about what PLS can achieve with that kind of cashflow - it could literally very sustainably acquire companies as large as SYA every 2 years, if it wanted to. Do not underestimate the critical importance of cashflow. There's a reason why CXO is valued the same as SYA.

SYA currently has economic share of ~100ktpa of SC6 (when you factor in the PLL offtake). PLS will be producing 1,000ktpa before SYA increases this number (through either Moblan or potential downstream refining, which would re-direct the offtake). Hopefully this is informaive.