Lithium Demand surge, page-180

One of the analyst I follow states lithium miners should be valued on mupliples of EBITA, and not on NAV multiples. He says projects get acquired at 10 - 15 x EBITDA multiples.

If we assume EBITDA multiple is 12.5 | Assume spod price of US$800 pt | Assume opex of US$225 pt, these are the numbers I get when I value PLS stage 1 and 2;

Stage 1
350,000 tonnes x US$800 - US$225 = $201,250,000 EBITA
12.5 x $$201,250,000 = valuation  of $2.516 bill
Valuation of $2.516 bill / number shares on issue 1.73 bill = sp of $1.45  

Stage 2 (getting ahead of myself)
840,000 tonnes x US$800 - US$225 = $483,000,000 EBITA
12.5 x  US$483,000,000 = valuation  of US$6.038 bill
Valuation of $6.038 bill / number shares on issue 1.73 bill = sp of $3.49

Converting the above numbers to AUD, completly blows the dog off the chain. Am I missing anything here?