Ann: EMN corporate presentation Sept 2021, page-12

It's disappointing to see the SP slide today, but here is plenty of upside to the NPV, IMHO. Once producing, a miner with long mine life should be valued conservatively at 8x EBITDA (Source: https://www.equidam.com/ebitda-multiples-trbc-industries/). An EBITDA of US$197m gives a valuation of A$2.1bn (14x from the current MC) using this metric.

Put another way, the NPV calculation applies a discount (10% in this case) to future cash flows, so $100m of revenue in Year 3 is treated as only $72m in the NPV calculation. But once the future arrives, those cash flows aren't discounted any more

Price increases and the hype associated with being in a hot sector will add even more upside.