Ann: DFS Delivers Strong Results on 1st Stage of WBP Development, page-141

Don't forget that ~$500M AUD NPV is pre-tax and pre-66% allocation. Post tax NPV is currently ~$143M AUD total or $94M AUD accounting for the 66%.

So if that's for 40% of the project the implied ballpark NPV for the whole project post-tax is $357M AUD, and accounting for the 66% its $235M AUD.

The company is currently valued at $86M AUD market cap for a $94M AUD NPV first-stage. That's before raising the $43M AUD start-up capex ($32M USD per page 28) and with quite a few other uncertainties between now and production, and with quite a long ramp-up period (apart from the "early initiatives" which go under the uncertainty category because the company has given zero real information about it).

I am quite confident that WWI is currently over valued. Sorry.