1/ If we're at a production rate of 2ktpa next year, and selling...

1/ If we're at a production rate of 2ktpa next year, and selling product for +$40k/t, our P/E will be in the teens if our share price is $1; perfectly reasonable imo, especially when factoring subsequent expansion, and especially if that expansion is funded and underway next year.

At $US 40,000/t x our share of 1550tpa × CURRENT exchange rate of around 1.40 = $ A 86m in gross REVENUE less production costs of around $A15m , PE is worked on NPAT which also takes into account depreciation etc. Lets say NPAT of around $55m +- depending on a few variables around tax and depreciation.
So $55m NPAT ÷ 1.6B shares = net earnings of 3.3c per share approx. At $1 a share ÷3.3c = a PE of 30.

This will obviously vary depending on what we actually receive for our Lithium and the exchange rate.

Cheers Whisky