Yeah their assumptions are around $12,000 AUD Per Tonne. You are right.
40KT at 12,000 AUD P/T is around $480M Revenue AUD for 2025. I think they mean FY25. EBITDA will then be around $200M which is very solid. Building the plants might cost a fair chunk, but they can raise for that.
Novonix - $300M+ Revenue by 2025, page-4
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