I think over optimistic on pricing (AJM indicating closer to...

I think over optimistic on pricing (AJM indicating closer to $600 USD with recent slight drop off in spodumene output quality to 5.9%) and possibly on tonnage (most recent investor presentation suggesting 612tpd not maintained on ongoing basis, plus effect of Veronica). Also consider that DFS costs are a little above $400 AUD, though guidance suggests it might be slightly less for next quarter (would be an astonishing achievement so quickly).

Very broad brush but profit per tonne of $450 AUD ($600 USD = $870 AUD less costs per tonne $420 AUD), conservative output annually of 180,000 tonnes = $81,000,000 AUD profit per Annum, less interest costs on loan.

You can see why this will make for an outstanding bargain IF DFS costs can be achieved (company indicating so for next quarter) AND plant can achieve near nameplate output. I'd think the latter is a strong possibility but getting both will be the holy grail. Also the consideration of Spodumene prices holding up.

Overall though IMO this is a very compelling buy, loan could be cleared in a few years with numbers as above, but more likely such a high performing mine/plant would attract a JV for stage two to accelerate output and clear debt, that or a debt restructure although I'm not sure if any banks are brave enough to arrange good finance and long repayment on our sort of debt in the lithium sector yet. You could also argue that mining slowly and achieving sustainability with servicing debt and ticking over a modest profit whilst we await a lift in the spodumene price could also be a fruitful but longer term strategy.