Ann: Austral March 2023 Quarterly Report, page-34

Tax isn't the only thing that comes off EBITDA mate...

Would've been lucky to make $2mill NPAT in the quarter. $8.7mill EBITDA - $1.6mill interest repayments - $4mill est. depreciation - $1mill tax = $2mill NPAT

Not saying it isn't cheap, but it isn't cheap because of the outlook not because of the current earning capacity.

I've gone and invested in another one of Phillip Thomas's (AR1's chairman) companies recently in the lithium space. Seems like a hard worker.