Mt Cattlin is still a pip squeak asset in the scheme of things....

Mt Cattlin is still a pip squeak asset in the scheme of things. If we assume that Mt C produces 210ktpa and sells it at US$650 with a cost base of US$350, that's EBITDA of USD$63m or ~AUD$90m per year. Those figures are probably going to be the average going into the future, and perhaps a little optimistic if anything. With those figures, it's currently trading on over 6x EBITDA. That's quite lofty by resource stock standards. Any share price appreciation from here is already factoring in revenue from its other assets, which are many years away. You guys can bang on about cash in the bank, how it's "cheap" relative to other lithium stocks, etc, but at the end of the day you need to value it like a typical resource stock.