Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-20

What matters is the MC vs EBITDA expectations.

SQM currently has a MC of about A$20.8 billion with a trailing 12 month EBITDA of US$400 million.

Kachi project is expected to have about US$520 million EBITDA assuming the PFS Lithium price of $15.5k and 51ktpa production.

With 75% LKE ownership of Kachi that would be about $20.2 billion MC for LKE just based on Kachi, if LKE will have the same P/EBITDA ratio as SQM now.

And there are 4 more projects that LKE could start to assess in the meantime.

Also, the Lithium price could be much higher than $15.5k, it is currently almost double of that amount.