Ann: More Broad High-Grade Lithium Intersections at Andover, page-122

BP price target of $3 has been discounted by 67% for risk - the unrisked price is about $8.50.

That is, as AZS de risks the project there is a lot of potential upside in the SP. Then there are the other targets to drill with BP stating

I like this comment from BP "Is it too late to Buy? NO". Other quotes:

"Andover’s value is being viewed through the lens of discovering +100Mt of lithium Resources in TA1, which, in our opinion is also a possibility for TA2 and TA3"

In our view, AZS can leverage its large opportunity set to maintain share price momentum"

"AZS will continue to be re-rated as it explores a potential new Tier 1 WA lithium asset."