Ann: Orocobre Limited - Naraha Lithium Hydroxide Plant Approved, page-18

Here are some of my assumptions. You'll see they are very conservative

Stage 1

	Lithium Carbonate price t tonne (USD) - 9000
1	production (tonnes) - 12470
2	exchange rate - 71
3	cost of production (USD) - 3974
4	Fair value Stage 1 only - $2.90 AUD

Stage 2 (similar assumptions to above, though a better cost of production and closer to nameplate.
Discount rate of 12% and assuming it will be done in 3 years. Adds $2.75 to current share price.

Hydroxide plant. ads 4c.

Advantage Lithium - Adds 10c.

Total = $5.79. So I think this is what ORE is worth today. So 67% more than today. Bargain at these prices.

In 3 years time I expect fair value, on PE of 12, to be $7.55. Double your money easy....