Model Update, page-4

	Column 1	Column 2
1	Calendar Year	2021
2	SDV
3	LCE production tonnes	35,000
4	Price per tonne	12,000
5	Operating Cost per tonne	4,000
6	EBITDA (USD)	280,000,000
7	AUDUSD	0.77
8	EBITDA (AUD)	363,636,364
9	Attributable to GXY (100%)	363,636,364
10	Interest (100m debt)	10,000,000
11	Depreciation	1,740,000
12	Taxes @ 30%	105,568,909
13	NPAT (AUD)	246,327,455
14	EPS of SDV (1946m shares)	0.127
15
16	Mt Cattlin
17	Spodumene tonnes	225,000
18	Price per tonne	650
19	Operating Cost per tonne (USD)	320
20	EBITDA (USD)	74,250,000
21	AUDUSD	0.77
22	EBITDA (AUD)	96,428,571
23	Interest AUD (USD 40m debt)	3,636,364
24	Depreciation	344,148
25	Taxes @ 30%	27,734,418
26	NPAT (AUD)	64,713,642
27	EPS of Mt Cattlin	0.033
28
29	Total EPS	0.160
30	PE	12.00
31	Target SP	1.92

Fair points Bob, I pushed up op cost of SDV to 4K/tonne, and spodumene price to 650/tonne
to see what happens to the SP target. A$1.92 vs. A$1.99

I know $650/550 is bloody pessimistic, but think of it as a buffer.
$4K/tonne op cost looks too high to be honest vs. the SDV DFS of $2959 after potash credits.
But again thinking of it as buffer as you say. Orocobre produced at $3530 in Dec16 Quarter. $3579 in Sep16 Quarter. But I must say Orocobre is making tonne of rookie mistakes hence they couldn't bring their production up and reduce op cost per tonne. They promised 17.5kt and only delivered 11kt in 2016

All in my own view, build your own models