Unfortunately, sheep often end up on the BBQ
I find it difficult to value ELM, because the production profile is 1.2Mtpa but the mine life will be a very long time.
I see at least $5 by year end, if 250Mt can be proved up.
The EV/t will only be $4.
So maybe it can go higher than $5.
Who knows?
Markets are markets.
I trust the probably of a buyer for the project will be high.