Chart INR, page-260

@Ty Cat Mac, I'm with ya on your predicted share price. Throw ya money on INR rather than taking bets.

Everyone please tear this to bits, I would rather know I was wrong than to continue on blindly confident.

Predicted Financials using the 2020 DFS.
Below The following assumptions are made in the DFS, they will be different by now.
Boron price = US$710/T
Lithium Carbonate Price = US$11,740/T (currently 28k)
Pre tax profit/yer (EBIDTA) = $288mil. @ production rates of 22,000tpa lithium and 174,400tpa boron.

For the calculation I have reduced the EBIDTA to $144mil as INR is now a 50% joint venture.

Earning per share (EPS) @ $144 mil with 2.1 Bil share on offer = $0.0686EPS

Current lithium stocks on the asx trade at 27-30 x EPS (earning per share)
EPS x current lithium stocks trading multiple = a share price of $1.85

My thesis for INR
Challenges:
Environmental License not yet granted.
Buckwheat, an endangered plant that is holding up the environmental license. INR have proved they can protect the species.
Local complaints.
High inflation during construction.

Upsides:
Closest lithium mine to development in the USA.
Currently only 5000 tones per annum of lithium comes from USA, this mine will increase that number by 25000 tones per annum.
Fully funded to 1.2 Billion dollar build.
Construction is budgeted to cost 700 mil. $450mil from JV with sybanye-stillwater. $700mil from US government debt program.
80% of off take agreements already signed (lithium buyers)
Shortage of lithium is forecast.
The FID will contain an updated set of financial figures and will allow investors to make a more informed decision.
Massive reserve, room for expansion.
US are looking for local supply of resources.
Huge amount of Boron, makes the cost per tone of Lithium to be one of the lowest, and Boron is very stable in price.
Delay on license has turned peoples interest off this stock.