Ann: NT Govt Land Commitment at Middle Arm for LFP Project, page-99

$77m pa was conservative in my view for the DSO.
So lets get even more conservative for discussion only.

If we base all incosts at a total of $180 tonne, then using very conservative pricing of $276 t spot phos = $96t margin.
500k tpa x $96 = $48m pa. (US $)
The payback on this will be lightening quick.
If the NT Gov give them a grant, why not? will give jobs, be a big tick for the Gov also.
Whichever way I look at this i see $$$$.

The management actually know what they're doing, they are exceedingly well advised also as some here will know.
So $30m cap starts to look pretty damn cheap however you skin this.
DC