Agreed however the discount for execution risk is way to large here imo.
Still need about $350m AUD to complete the second train and butcherbird however they already have $420m secured for stage one in non dilutive funds.
total NPV across both $AUD $3.04b so we are trading at 2.3% of NPV with offtakes for 72.5kt in place as well... stage one only 65kt.
Given the offtakes and funding already in place this should be comfortably trading at 10% of NPV = $300m = $1.30 (approx)
Ann: Updated Butcherbird Feasibility Delivers Outstanding Metrics, page-9
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