ASX Today, page-2392

It is based on the assumption of getting this to mining, and specifically is associated with capex costs for a 100% owned LTR operation (especially a hydroxide stage). Here is the table for 2 billion shares.



If some argue that say a JV will be there then be mindful that you're share of the profits is no longer 100% either, and that impacts EPS (quid pro quo is the JV point here as it pertains to EPS, P/E ratios and SP)). Anyway, all the above is indicative is my point, but shares on issue and funding assumptions (especially how it pertains to your share of profit) also decide valuations, obviously. If assumption is 'bank funding' or Offtakes with prepayments 2 billion shares is ok to assume on a go foward basis.

I am sure others can come with more logical scenarios, but that is how I think about fair value calculations at this stage of a cycle. Will they hit those SP tomorrow - don't know, because the market's view of fair value today may be different to a brokers fair value. Some stocks have valuations above NPV (i.e. ADN - market there assuming increased scope above previous PFS as I posted there) and CHN, well it has a valuation where currently a Scoping Study/PFS/DFS hasn't been done to determine NPV so will be interesting one to watch in future as in terms of Flash's graph it is still at the explorer stage (front part of graph).

Moora can be a wildcard.

All the best and all IMO