You do realise the 475m market cap is achieving spot prices 40%+...

You do realise the 475m market cap is achieving spot prices 40%+ ABOVE DFS numbers with further tightness expected as China reopens. I think you need to be transparent about that. Add the 50% expansion will see annual EBITDA 200-250m so would see STA trading at 2 x EV/EBITDA, roughly a third of what if should be trading at assuming ramp up happens and zircon holds up (or goes higher). No wonder brokers have 100% upside already and waiting to further upgrade Target Prices once expansion case is formally announced