I do not think so I believe SP go lower. We can look at NdPr...

I do not think so I believe SP go lower. We can look at NdPr prices, now at US $ 55 / KG 2023. Then compare to Revenue and Profits from 2022. When Profits go down substantially so will SP. All this and License issue is not even involved yet.

The PE is 11.25 right now which supports the SP, marginally. They made A$540M - A$ 174M = $366M in H2 last year. Lets make an assumption that profits are less than A$366 say A$ 200M, look at NdPr prices They have droped from an average of 850 RMB in H2 2022 to 550 h2 2022. The 2023 profits are A$200 + $184M. = $384M. There are 934M shares outstanding Which says in 2023 they will make About 4.14 cents a share FY '23. Lets assume a PE of 12. That is a SP of A$4.97. This is before any shut down. Without a recession. So could you tell me how you figure every thing is built in? Take a look at REE prices a year ago and show what you think Profits will be in 2023. Just in case you do not keep track of REE prices which will have a bigger impact than any shut down here is a chart to help you. Remember when prices were going up and everyone loved to say Price changes go right to bottom line? Same is true on way down. If you think about it A$200 is very optimistic for H2.