Think you're pretty much right, though if you assume $1,000 OPEX, then that's $20m OPEX for phase one, which given our high purity is effectively just to pump out brine and let it evaporate. So as @boslo mentions, that might even be too high.Assuming it is $144m AUD, then I had a bit of a go at various multiples and assuming we're ~320m MC now at $0.96, what the equiv SP would be.
EBITDA Multiple Equiv SP $144 4x 576 $1.73 5x 720 $2.16 6x 864 $2.59 7x 1,008 $3.02
I'm optimistic that any additional CAPEX for Stage one can be obtained via pre-payment for an offtake. Even just $20m is 2 months worth of sales to a potential buyer.
Above also excludes any premium for GB (looking unlikely I think now anyway), Candelas, or Stage 2-4.
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Think you're pretty much right, though if you assume $1,000...
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