I think at this stage of development with funding in place and...

I think at this stage of development with funding in place and off-takes there will be a period of ramping up production to achieve profitability, which will increase over the following years. The team are continually improving on the DFS to unlock further output and from reports they can possible increase from 90kt to 100ktpa based on removing some bottlenecks during the processing phase. Some commentary around brine grades being above planned, although we need to consider seasonal variation.

Currently I think what is in play and the short time frame before we start seeing revenue I think the SP indicates it is well undervalued. I tend to think that Morgans generally are risk adverse in their valuations, but, the best indication from them was a change in sentiment from a speculative buy, to an add rating. The investment from NAIF if very friendly with long payback periods.

The look ahead is also very positive with management saying they expect to eventually ramp up to 164ktpa through expansion. I guess they will get the current plant up and running and profitable so to fund further expansion. A lot to like for the long term holder, with SOP also likely to become a preferred fertilizer over MOP in the coming years as demand ramps up due to availability.