That seems a bit conservative to me. If they obtain the offtakes they claim that they are negotiating at present, I would expect a SP of at least $1.25. You need to compare it with what happened to PLL when they obtained an agreement with Tesla for an undisclosed price. In that case SP went from 7c to 90c and they still don't have a mine approval.
Ann: March 2021 Quarterly Cashflow Report, page-7
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