I think some are overstating the dilutive effects without really looking at the actual numbers.
Here I have just calculated FCF by subtracting tax from EBITDA. There are other factors that will come into play here like interest expense, but there will also be significant depreciation deductions which will more or less cancel this out.
Hopefully we will see some good progress on reducing capex which will improve the numbers above.
I would also be keen to see significant investment from LG, POSCO and GM in the form of offtake prepayments at relatively low rates which could improve the numbers again. As has been mentioned here the reason why we have a large capex is because the customers wanted more, more, more, faster, sooner, quicker. If they want/need this outcome then they really need to contribute to it. Their investment so far has been pretty minor in the scheme of things - so I am expecting more to come on this front.
There are also huge growth opportunities here which means we are likely to attract a higher PE ratios. This is a pretty major distinguishing factor to a mine which is limited by it's resource which means the growth potential is much more of an unknown.
