It does but not as a project rather just the resource value.it...

It does but not as a project rather just the resource value.

it is a bit comical really cause assumes LEL will raise $600M with 600M shares at $1 (as if).

then the target is based on NPV of each project fully diluted (600M SOI).... where Graphite only contributes $25M (just the resource really), I.e. 4c in the target price.
NPV for ponds looks light, NPV for DLE $128m...? What are they using as capex? If zero, a project with NPAT $100M can't have an NPV of $128....

As you can see this is assumptions galore. But that's all good, as it is bare minimum. I had myself on my own research target $3...but has gone up to $4 post deal with Lanshen if it comes to fruition in September which looks very positive.

like Petra commented. LEL now had a flag up with the JORC. Likely a SALE Flag and will be "inundated" with offers, interest, JV, etc.