I think even if taking the 19.5 ktpa facility in isolation, a...

I think even if taking the 19.5 ktpa facility in isolation, a 1.3 B market cap is too low. That is almost equal to the equipment cost of the mine plus processing facilities. So this would be talgas "dead in the water" valuation. With a return on investment of less than 4 years from profits of the mine, the valuation should be at least 2 times as high. 7 AUD with all the boxes mentioned above ticked off. This would especially show the validity of the project and permitting process and would de-risk the niska and other expansions, giving a favorable forward looking valuation. I would say a 10AUD is not out of the question and maybe even likely. But that is a much more debatable accounting.