Qoka, for what it's worth, I updated my own projections and here are the results:
I can provide details for the base/bull/bear cases if anyone is interested. But in a one-liner: base case includes a slight slump in production in the last quarter of this year, then progressive ramp to Kal rate (Base case NdPr price AU$120, Bull progressively to AU$160, Bear case AU$100).
My feeling is the risk appetite will increase in the second half of this year, meaning p/e 20 may be very conservative for a growth stock. I'm obviously a bull, and think we will firmly be in the bull territory (turquoise region) for the coming years.. My overall sentiment is we have a much greater chance of exceeding the projections rather than going below.
Note: does not include US operations, or potential product diversification (which I believe is on the way).
DYOR
(20min delay)