From memory, Macquarie don't appear to do many coverage notes like the others do.. also they've used a  very Conservative lithium price of $1000 per tonne, a resource of 136 MTat 1.13% and Opex of $720 million which seems a bit high for a DMS plant. If you increase the resource slightly (which after the winter drilling will be a given) and use $2000 or $4000 per tonne, you might be surprised at the valuation..  there's a nice graph on page 10 that shows you the valuation at different lithium prices, but that fails to include the resource upgrade. This is a nice tool to get a gauge of what the true valuation just might be.
From memory, Macquarie don't appear to do many coverage...
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