my opinion is that the stock doesn't warrant as high a discount...

my opinion is that the stock doesn't warrant as high a discount rate (15%) or as low a PE (8) as has been applied by some in this thread. Moolap fully commissioned will see derisking of the stock as the process and plant is fully replicable in other locations. When that happens together with selection of a US site it will attract a sizeable PE premium to the industrial sector because it will be valued as a growth stock.

I don't really have a problem applying very conservative values for the purposes of discussion, it highlights how the current share price is solidly underpinned and we are, in effect, paying very little for an option over future worldwide growth. Some would call that option/premium an overvaluation of the existing business, I don't see it that way at all.