Orior Capital - Suggest immediate valuation of A$3.23/share, page-12

All of the above said, this is a company that has a NPV post tax of over $3 billion AUD and EBITDA of AUD $600m+. This valuation and earnings is based on a resource price below RIO's break even point.

I have not found a mine dev stage company on the ASX anywhere close to these numbers.

This is before any potential increases in the existing resource at Fort Cady, and any exploration upside on other projects i.e. Salt Wells lithium/borate in Nevada.