I thought the research paper was fair and reasonable given they...

I thought the research paper was fair and reasonable given they can only deal with the knowns they have in front of them.
They can't just make things up to stroke company egos, although it happens.

The report isn't too dissimilar to their 2017 report and using pretty much the same parameters of valuation.

I think in fairness to the writers, it's based on worse case scenario assumptions that coincide with what has been stated by the company to date.

The valuation makes no consideration of P2 plant progress by 2023, and it shouldn't without a DFS to work with.
The valuation assumes it will take until 2023 before full optimisation of P1 is realised, and until FID, definitive timelines are set and construction commences, they've taken an fairly conservative approach.
The valuation assumes a carbonate price of $12k per tonne and by their own admission a receivable price closer to that of ORE etc. and another 20-30℅ jumps into SP calculations, they can hardly definitively work with an unrealistic made up chemical price without first seeing proof.
The valuation assumes P1 will be funded through share placement and therefore dilution. Again, until offtake agreements or other alternate financing arrangements have been tabled and reported on, their hands are pretty much tied to report otherwise at this point.

As things progress the research papers will follow suit.

I think the report is a great starting point for any new reader to LPD. Just don't be shy to make a few assumptions of your own.

GLA