DLE related information, page-110

The estimated OPEX was stated less than $5000/t (but I prefer to use that).

The CAPEX i would now assume to be a lot higher than the $500 mill, so throw in a guess of $700 mill, maybe even more and add in the finance costs of what % you want to guess.

Put in a 70% Debt 30% New Equity finance deal in your spreadsheet, so allow for quite a bit fo share dilution.

Now guess what the market will pay for lithium in 3 years, maybe $25,000/t

Take away to 25% cut to Lilac, take away a bit of admin

Viola

Lastly gamble what PE the market will pay in 3 years and your spreedsheat will give you a huge range of answers.