Assuming Altura are working toward 205000tpa from stage 1 in the...

Assuming Altura are working toward 205000tpa from stage 1 in the very near term (as implied by off takes totalling that much), and assuming their costs hold similar to the projections for this quarter, even at the contract floor price and after interest payments on the loan EBITDA looks to be above $40,000,000 per annum. Provided the debt holders don't/can't screw the company too much for missing their repayment target this company is far, far from going bust as some nefarious recent posters have implied.

'Surviving' on such profitable terms as a base case leaves huge upside if costs come down with scale, output creeps up to full nameplate (or above), the price of 'premium' SC6 creeps up or a better deal for the debt is put in place. Altura could also better than double EBITDA by spending the $120 million required for stage 2. Even if the interest on debt to finance stage 2 was also at 15% EBITDA would rise to over $100,000,000 post interest payments on a conservative basis...

As others are saying, good buying at this level for the patient lithium 'believer' IMO.