We also have graphite in LEL which in future might be in high demand (China restrictions etc,). Using A$17t for 3.3mt resource gives A$56m EV, Our MC is A$60m less cash of say A$4m places no value on the graphite business.
RNU is a A$400m business with mainly a large graphite resource. It has 8.5mt of contained graphite. So value per Mt of contained graphite is A$47m. Lets say A$40m. LEL as 2.6mt of contained graphite with higher grades than RNU. So in theory the market could place a value on LEL's graphite business of 40*2.6 = A$104m.
So our graphite business alone could be worth A$100m.
Our MC is A$60m. Shaking head.
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