With an after tax NPV of around $420M and assuming 60/40 debt...

With an after tax NPV of around $420M and assuming 60/40 debt equity with new shares issued @ $0.45 I'm getting around $1 per share.

Of course this discounts any future expansion of the project and flat SOP prices, so you have some great tailwinds.

The project is rapidly derisking (at a rate much faster than I expected) and I can't wait to see the the back of financial close. I think this really is a case, right now, of a stock that is asymmetrically priced towards the upside. You don't often get a chance to buy a dollar for 50 cents , but right now you literally can.