at a guess I would say it will cost $500-600m aud to build phase one lfp and phos acid plant. I think in an interview Avenira talked about a 20% return on capital so maybe free cash of circa $100-$120m, if you used 15 to 20 times gives a market cap of $1.5b to $2bn for the first module of the project not including anything else. This would seem reasonable for the amount of capital invested.
LFP battery/Phosphate news, page-289
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