NPAT for stage 1 is around $9m p.a. Assume a 10x multiple (LOM...

NPAT for stage 1 is around $9m p.a.

Assume a 10x multiple (LOM for stage 1 is 100's of years) and you get a $90m val. If all debt funded this should trade at 7.8c. If converse and fully equity funded then it should trade at something like 3.4c. I would be looking for a base case something like 60/40 debt/equity and as such a valuation of something like 6c on stage 1 alone. Discount for risk that still applies to DFS, offtakes, actually getting the debt funding etc. But then add in a risked valuation for stage 2 etc.

IMO only this is still at least 100% undervalued for where they are currently, particularly remembering they have $6.5m in cash at current.