General Discussion AGY, page-8353

My view would be that any valuation based on the existing 2000/1560tpa operation should be based around current shares on issue.

And its only when looking at the expansion up to 12000tpa would I look at the potential of further shares being issued for funding and then working that into the valuation calculation then.

So really looking at 2 valuations - one for the existing 2000 tpa operation and another for the expansion to 12000.
Of course then you need to play with Lithium prices, costs, potential p/e ratios and for the expansion how it may funded, including the possibility of some debt.