Decent quick calc Binwood.
That's assuming all open pit, which is unlikely. Probably a mix of OP in the first few years and then UG which will drive capex upwards. However might be slightly offset as they chase the cobalt.
Also assumes 75k/t for Cobalt - Probably see this hit 100k/t (long term price would be interesting).
I imagine once production commences, high profitability and than potentially a taper as they move towards UG. Also note the US/AUD exchange rate could vary a lot.
Either way, I agree valuation is going to be huge.
Frankly, I do not really understand, page-63
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