Ann: Strategy for Low Cost Development to Lithium Concentrate, page-47

Think you're pretty much right, though if you assume $1,000 OPEX, then that's $20m OPEX for phase one, which given our high purity is effectively just to pump out brine and let it evaporate. So as @boslo mentions, that might even be too high.

Assuming it is $144m AUD, then I had a bit of a go at various multiples and assuming we're ~320m MC now at $0.96, what the equiv SP would be.

EBITDA	Multiple		Equiv SP
$144	4x	576	$1.73
	5x	720	$2.16
	6x	864	$2.59
	7x	1,008	$3.02

I'm optimistic that any additional CAPEX for Stage one can be obtained via pre-payment for an offtake. Even just $20m is 2 months worth of sales to a potential buyer.

Above also excludes any premium for GB (looking unlikely I think now anyway), Candelas, or Stage 2-4.