PLS for example is $580m profit and 10b market cap. 17x npat...

PLS for example is $580m profit and 10b market cap. 17x npat multiple but future earnings should be higher as earnings had been 2H weighted and scale is expanding. i would say 6-10x Npat multiple could be reasonably achieved. i also have read that Paul lock is actually hoping to eventually reach 40ktpa once the additional licenses are all issued and explored. 10ktpa gets to a bankable feasibility scale that can be bank funded, so my guess is the idea will be to reduce dilution and debt fund a small scale operation until cash positive to fund further growth.

You have possibly understated full cost in the below but call it $150m initial at 10ktpa get to 20ktpa with $350-400m Npat with potential for 40ktpa at $700-800m npat with potential for long term lithium prices to remain higher. Possible future market cap once an operating mine is $1.2 scaling up to $8bn+.