My quick calculations say that if they continue to make A$22mil...

My quick calculations say that if they continue to make A$22mil each quarter, keep their expenses unchanged and issue no more shares, the earnings per share would be $A 0.95 cents (9,261mil shares divided by $88 mil PA profit). Giving a 5% return, that would get the share price up to $A 19 cents (0.95 / 5%), a 1300% increase from today's share price. Add lithium, their hedging and a reduction in loan interest payments over time, and i think they're in pretty good shape.