SDV 10-year offtake discussions, page-4

Yes I think it would be a crucial piece of the financing puzzle when it come to SDV funding.
I have always made the assumption of prepayments in my SDV models, now i'm factoring the offtake partner taking a 20% equity stake in SDV. Mr Rule said debt would not be needed if this deal eventuates so just updated my model as such

	Column 1	Column 2
0	Calendar Year	2022
1	SDV
2	LCE production tonnes	25,000
3	Price per tonne (USD)	12,000
4	Operating Cost per tonne + royalties (USD)	4,140
5	EBITDA (USD)	196,500,000
6	AUDUSD	0.8
7	EBITDA (AUD)	245,625,000
8	Attributable to GXY (80%)	196,500,000
9	Interest (A$100m debt) @ 10%	-
10	Depreciation	1,740,000
11	Taxes @ 30%	58,428,000
12	NPAT (AUD)	136,332,000
13	EPS of SDV (400m shares)	0.341

So apply your fair value PE whether it'd be 12 or 15 then you get a range of A$4.09 to 5.10 for SDV valuation alone by 2022