October Charts !, page-871

I totally agree that the ebitda multiple I used in the example is highly conservative. This is why my focus is 2 to 3 years. Conceivably, as soon as they hit nameplate production with the 2mtpa operation, they will swiftly move to the 5mptpa expansion. All the design work would contemplate this. I have heard for a while that they are then thinking to double that and some have suggested a dual operation at Mt F. I believe that prospect has been touted on this forum a few times.

So, the spectrum of value is very interesting. I would argue around a $2b value with a significant pullback in lithium prices to $500US (concentrate) (which still produces a 50% profit margin) and a conservative multiple. And a very high, eye- watering number, if you start thinking 10mtpa operation, far higher lithium prices because the explosion in the EV market is ahead of raw material supply capacity, and far higher multiples because of the excitement. I think it may well be worth the patient wait. We will just need the 5mtpa operation to be operating and doing extremely well, for the MC to factor in further expansion etc. The share price spike would be a thing of great joy.

Anyway, in the meantime, its the Saturday papers and a coffee/tea.