Re-Rate Timeline Opinion

This has been touched on via other threads but I thought it pertinent to isolate, keep it narrow and give this its own thread. Given that ARL is still at a very early stage, there are a number of phases before full value is realised in terms of market cap/share price. I've identified the following high level, key phases (there may be more please feel free to add.....):

Phase 1: DFS agreed, details disclosed. (End March 24)
Phase 2: DFS results published, project confirmed. (Time from phase 1? )
Phase 2.5: Consortium split/buy-in and off-take details. (May be part of Phase 2 announcement?)
Phase 3: Financing confirmed. (Could also be merged into Phase 2/2.5?)
Phase 4: Construction underway (6 months after Financing?)
Phase 5: Production start. (Is it a 3 year project build out?)

Clearly this is a multi-year timetable so I think that it would be interesting to gather opinion as to where the Market Cap could be at each of the stages as various risks would still exist.(I prefer market cap as a benchmark as dilution may well occur). Obviously as each stage completes, a significant element of de-risking occurs which needs to then be priced in, leading to a re-rate event.

DDTRH and Giovanni33 has put a few posts out on other recent threads regard the various valuation possibilities. Thank you! They demonstrate the massive upside potential when all priced in but it may be good to have group opinion on the step-up re-rates per phase.

I am no expert, so I don't know if this really is guesswork or if there is a more robust metrics based assumption that makes sense.

To start the bowl rolling, I'm thinking $200m MC for Phase 1, $400m MC for Phase 2's, $500m MC for Phase 3 and a Phase 4 steady appreciation over the construction years as the wider market begins to appreciate that billion $ profits are much closer. Phase 5 surely = $2bn MC minimum based on revenue/profit profile and P/E ratios at the time?

Reminder I am no expert - purely lazy back of the envelope guesswork on my part. Hope to encourage those with more expertise to add to the thread and share some estimates!!