LYC Chart, page-434

Pennie, I will cautiously have a stab but I hope contributors will correct me if I've missed something.
There are about 3.3bn shares on issue now, well 3.45bn after the recent warrants were exercised.
There are another 350M warrants outstanding and 2.25bn ($255M converted at $.10c) convertibles to take the total number of issued shares potentially to approximately 6bn shares.
If you presume all the free cash from your scenario was paid out in dividends then $80M would be a dividend of 1.3c.
At a P/E ratio of say 15 that would price Lynas at 19.5c.
Of course RE are risky so maybe a P/E of 10 might be better giving a price of 13c.
Whatever the case if Lynas is profitable and debt is managed and repayments are on time then I don't think the value of debt matters at all, financing debt comes from free cash which affects dividends which affects price.
Now, if Ausheds crystal ball is right and free cash is $500M with dividends of 8.3c then at a P/E of 15 gives a price of $1.245, or a P/E of 10 a price of $0.83.
Alternatively just read CCs post and 64.5c is about good as any guess.