Sure ... that's one way of calculating an "intrinsic value". Here's another
Nobian paid ~EUR160M to purchase 50% of CLP (SPV2). That values CLP at ~EUR320M per the DFS.
The DFS splits the project into 2 pieces SPV1 and SPV2. The split is ~78% of Project NPV is in SPV1 and 22% in SPV2 as shown.
This means that Nobian has paid EUR160M for 11% ownership .... that would say the project has an easily calculatable "intrinisic value" of 160/0.11 = ~EUR1,454M
Vulcan then owns 89% of the project ... instinsic value is ~EUR1,294M ... or about AUD$2,181M ... or ~AUD$13.03
Many ways to peel an onion.
Calculating The Intrinsic Value Of Vulcan Energy Resources Limited, page-3
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