My verrrry rough back of an envelope calcs have a 5 year target...

My verrrry rough back of an envelope calcs have a 5 year target EBITDA of $US240m/ AU$340m, or NPAT of $0.60/share.
10x P/E would see share price of $6 by 2024.
Allowing for say 15% YoY compound growth of SP, would give a NPV for the SP of $3.40.

Obviously all sorts of risks in getting there, but throw in an unexpectedly high uptake of EVs and a lithium supply/demand crunch around 2023/24 and these numbers could seem very low.
This also ignores future dividends.

Replace the above numbers with your own estimates to get a feel for what you think the fair value is for these shares to be taken from you now.

$1.90 does not seem appropriate whatever numbers I use.