Ann: September 2020 Quarterly Reports, page-14

Outcome/upside will be a combination of real life earnings per share plus whatever sort of PE ratio the local market assigns to this new sector plus any growth premium.
You can’t assume there will be no further shares issued.
Real life EPS may or may not match up to the DFS.

I think a lot of investors, particularly UK investors who haven’t looked beyond SO4 could be in for a rude surprise when they get a handle on how long the development process takes when you have to do what is considered the norm. Investors are now getting a taste of what actual approvals look like. The next lake could be 3-4 years away or more.

Maybe they will have some trick up their sleeve regarding the next development but I think the EPA will have wised up to the demonstration plant rubbish.

My views probably come across as one sided because this team have hyped the hell out of themselves and this project. If the other projects had been allowed to start construction before approvals we would have thousands of hectares of ponds across the Pilbara and matching corporate videos to match.