It's a great point on the pricing Hfox. In that part of the...

It's a great point on the pricing Hfox. In that part of the video Steve was clearly talking USD, as he said original PFS was around $750m NPV (PFS was US$748m). He then said with premium pricing, it's north of $1.6bn based on lowest end of the premium pricing range. AGM presentation says "project value could more than double with premium pricing".

Taking the Orior Capital analysis from May and updating for now:


There's a few reports (including an in-depth one by Edison last year) supporting the 15% EV to NPV used by Orior for a PFS. And the % seems to be more than double that for a DFS. Steve says peers are trading at 10-40% of NPV in last weeks interview.

All suggests LKE should be trading at many multiples of share price right now. Huge upside potential.

On PFS more generally, just reminded myself LKE only uses 20% of the resource (which itself is open at depth and laterally) and how conservative Lake has been on pricing compared to peers. That certainly helps (well it should help) on the credibility front.