some ballpark numbers here using FMG as a benchmark by end of...

some ballpark numbers here using FMG as a benchmark

by end of 2023
PLS production at 680,000 tons per year
assuming price at USD 7,830 per ton (same as of now, likely being higher)
and net profit margin at 58% (using numbers in 2022 annual report, likely being higher as fixed cost not likely to double)
Net income being USD 3.1 billion for 2023

FMG 2022 net income about USD 6 billion, market cap about AUD 52 billion now with 14% dividends

if similar ratios apply to PLS here, so PLS market cap would be about AUD 27 billion in a years time, currently 15 billion, which gives a share price of $8.7

with all these numbers being very conservative, I do believe PLS's share price could be pushing toward $10 a share in a years time

all just my opinions, no advice of course