Another metric is PE Multiple.
From your above calc the Earnings would be US13.5m after finance cost, sustainable capex and tax. This is about A$20m p.a.. At current share price the MC is about A$150m. So P/E ratio is 7.5. This is at current low pricing environment and with only allowing for the 5.4ktpa production.
Now allow for more sustainable long term pricing of lets say US18000 and production at 20ktpa and this share price is as cheap as chips (not advice). PE ratio would be below 3.
PLS PE ratio is above 20 at current lithium pricing levels.
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