I don't think we'll be there next year but to indulge the theory...

I don't think we'll be there next year but to indulge the theory with fanciful but not impossible events here's a go:

1. Company proves clear pathway to $140 million AUD EBITDA (240,000 tonnes, $400 USD margin per tonne - both not outlandish)
2. Trump losing the election and western governments properly getting behind green and EV transition
3. Sector recovery and institutional support of the lithium based future many here already believe in
4. JV with Ganfeng or others signed for Stage 2, with debt sorted in same step.
5. Sector PE of 12 due to optimism and prominence of Aussie hard rocks as THE premium lithium option

Market Cap = $1.68 Billion AUD or approx 75 cents per share.

Caveat being that step 4. above would likely be dilutive. @kingkev can you honestly say that the above isn't possible, even if quiet unlikely? What we can probably agree on, is that a plant anywhere near as profitable as this one is shaping to be cannot be compatible with the SP staying below 25cents for much longer.