$2 Club, page-600

BFS 1.1MT at 1.0% grade at aud$45,300 pt = aud$500Mpa revenue
2.2MT at 1.0% to PBT refinery conc at 6.0% grade using circuit 3 = another $300Mpa

add LJ of 15,000Tpa at 1.0% grades conc to 15% =

37,000 Tpa production
all at a low grade of 1.0%, with Cu Co Li credits offsetting payability/recoveries
now increase that grade to 1.5% due to the 4 HG deposits at SS GS EA AR =

55ktpa production at $45,300 pt =

$2,500,000,000 annual revenue

EBITDA 56%
EBITDA = $1.4Bpa FCF.

PER of 10.0 = $14B MC = 14/3.4 =
SP of $4,12

but say halve it to $2.00 = TBC

TBC is achievable if they start producing to max mill capacities at BS then restart LJ and increase grades,
dreamin but the maths dont lie.