Tough question. I've been in projects on trading on 30% of NPV...

Tough question. I've been in projects on trading on 30% of NPV at production but taken our at 50%-60% on NPV. )ne size doesn't fit all unfortunately. I think if something is trading at 10% of NPV leading into financing and EPCM, you are in a really good spot to see that creep up towards 30%-35%.

Short of the long it will vary and vary significantly from project to project and product to product and the thematic for that product.

We've all seen many lithium stocks trade at market caps well beyond their NPVs however the transparency of pricing and the thematic of EV is driving that valuation behavior as people are confidently looking through conservative long term prices used is BFS compared to current spot pricing. I struggle with some of those values and have looked to the AIM for some underdone valuations.

I think we all agree the the lack of transparency of pricing in graphite is probably what is holding the ASX graphite back at the moment as the graphite thematic is tied into the same as lithium, mass undersupply due to EV take-up. Anode just not as hot.....yet.

The other matter to consider for BKT is the staged approach to ramping up production. BKT NPV is on a 4 phase process and although stages 2-4 are forecast to be self funded via free cash flow, until you get some certainty on a pathway to delivery, perhaps via offtakes, the market may discount some of that total project NPV until its visible. Again though its not uncommon to see value attributed to final staged NPV.

BKT at a ~ $250m market cap on a $1.6B NPV heading into a small cap raising requirement is looking good. 13th is amazing to follow on the technical which gives some quality analysis of entry (or re-entry for some). I do think throughout CY2022 we'll see this market cap creep up towards $400-$500m which is a pretty good return from here. I selfishly hope to see it creep back to 24 for a final hoover but I suspect with favorable research out e see this resistance broken.

Doesn't provide a black and white but hopefully some context.