Ann: Company Activities Update, page-11

First keep in mind that the $200mill free cash flow is in USD and that was $265mill in AUD in the PFS. The $125mill mc is in AUD so it's even more undervalued than your figures suggested. The assumed exchange rate was 75c and it's been at 68c for quite a while so there is upside to the cash flow if current exchange rates continue.
Around two years to first commercial production and up to two years ramp up to full production. So within three years we might be at 50% or possibly 75-80% of full production as I doubt that ramp up will be linear. Free cash flow could be at A$200mill within three years heading towards the $265mill a year later. That could see a mc of around $1.5-$2bill in three years. The market is always forward looking so if ramp up goes as well as the pilot plant has gone, we should see a very large mc perhaps around $1bill soon after first HPA production is confirmed and shipped to customers - in a little over two years time.
The sp should trend up strongly between now and then with larger surges at times that justify a re-rate. I think that's where we are now. We are already seeing a bit of a re-rate with the great results from the pilot plant. The DFS, customer and supplier agreements should be larger re-rate events and perhaps more importantly these events should raise awareness of this stock with other investors and instos. Next quarter should see funding finalised and the start of construction and these events will also de-risk the project further and again raise further awareness of the company. I think the increasing awareness will have the largest impact on the sp as around 60% of the stock is held by top 20 holders and a low free float of shares will see big moves in the sp on any increased demand.