It's a good question and generally somewhere I would start when looking into investing my hard earned.
I think the market is currently forward looking at the moment when it comes to Green Energy / New Energy stocks, which has predominantly in my view a result of the Biden effect, but without turning this into a campaign rally response, now we are seeing a transition to the fundamentals taking over, in that being the price of lithium chemicals is rising at a phenomenal rate, which you can see in the post by @Bouddha0357 just previously.
In the recent video of Ken Brinsden the CEO of Pilbara Minerals at Resources Rising Stars which was I think back on the 9th February he commented that spodumene pricing was around $450 to $480 per tonne, he went on to further say that he feels that the hard rock industry will see an incentive price of between $600 to $650 per tonne.
An interesting point that Ken made was that very very strong demand conditions leading into Chinese New Year, he also mentioned that Chinese New Year is a down time, just like our Christmas, so his expectation at that time was that pricing would remain flat during that period, however over this time we have seen Lithium Chemicals pricing take off again reminiscent of the last lithium price rise which was sooner than he expected.
The incentivised $600 to $650 spodumene price is important as it is seen to be the point where Plant 2 (Altura) would be brought back online.
In the presentation the combined plants would give a production of ~550,000tpa which at the $600 to $650 price point in Australian dollars today would be ~$430 to $465 million before costs etc.
There is also the ongoing discussions that Pilbara have been having with POSCO to be involved in a 40,000tpa converter which would allow them to benefit from lithium chemicals production which Ken indicated in the video that he would have further information to share in the first half of this year, so being that it is March it will be somewhere over the next 3.5 months.
It's probably worthwhile listening to the guy running the company so I have attached the video I am referring to below. It goes for about 20 minutes.
(20min delay)