THE COUNT DOWN: Liontown crushes first ore at Kathleen Valley!, page-190

I think the tpa adjustment was somewhat included in that calc. Discount it further as desired to suit own metrics.

But for example, take a super conservative view maybe of Sigma like this:
- MC. US $1.967B (your figure)
- exchange rate 0.66 (current now)
- processing rate assumption of Sigma for current MC … 270ktpa + say 25% of “now being constructed” expansion of extra 255ktpa = 270+63.75= 333.75 … let’s say “340ktpa” (if we discount LTR for ramp up we should also discount Sigma for build and ramp up of phase 2 and let’s not forget the LTR plant is designed and built for that extra 1Mtpa of ore throughput beyond its first phase).

So in this view, simplistic calculation of equivalent value of Sigma becomes US$2.0b/0.66/340kx600k =$5.3B on comparable tpa to Ltr.

That $5.3B is a SP of around $2.20 vs current SP of circa $1.40

Of course that “340k” figure can be varied depending on each person’s view of what value the market currently places on future expansion of Sigma. But then maybe the 600k figure similarly needs to consider future expansion for LTR and maybe that difference doesn’t take into account grade of spod sold considerations etc etc … but as a broad brushed, high level comparative I tend to agree that LTR is still undervalued compared to alternatives.

And my view is the alternatives are also undervalued on a fundamental analysis of product sold and the supply/demand metrics for lithia - so my personal view is LTR is, today, worth more than its current value - which seems to be being shown by the market even today.

Maybe it’s time for the shorts to change to their “long” winter clothing?