LRS General Discussion, page-15126

Correction: GL1 used $2,500/T (not $2,600/T). GL1 includes a table in their scoping study showing Manna has a $1.855bn NPV (before tax) if their assumed spod price reduces by 20% (this would mean a spod price of $2,000/T). Given spot spod is now well below this level, their NPV must be well below $2bn.

So either the market really loves Western Australia assets even more than expected, or GL1 has a large drop coming for it or LRS is looking incredibly cheap.

With an assumed NPV of $1.8bn, GL1 is trading at 17.44% of it's NPV versus LRS at 14.22% of it's NPV.

Take your pick of which answer is most right.