Here's my valuation model (sorry I'm a bit late to the party)...

Here's my valuation model (sorry I'm a bit late to the party)
https://www.dropbox.com/s/nmim6ktqisbr9m3/PLS valuatn.xlsx?dl=0

	Column 1	Column 2	Column 3
0	PLS Valuation Sheet
1		GW	2mta name plate
2	Scenario	BMW	conservative?
3	Plant processing capacity t/yr	5,000,000	2,000,000
4	Spodumene recovery %	17.0%	17.5%
5	Spodumene recovery t/yr	850,000	350,000
6	Spod processing cost US$/t	$250	$220
7	Spod sell price US$/t	$1,100	$800
8	Tantalum & other credits US$/t	$50	$20
9	Margin US$/t	$900	$600
10	Forex USD->AUD	$0.78	$0.80
11	Assumed % of nameplate proc cap.	90%	80%
12	EBITA A$/yr	$882,692,000	$210,000,000
13	Valuation xEBIT	12	6
14	Capital invested/debt	$350,000,000	$250,000,000
15	Company value	$10,242,300,000	$1,010,000,000
16	Shares issued	1,556,000,000	1,556,000,000
17	Price per share	$6.60	$0.65