HG, unless my calculator is wrong, I believe we currently have 359M shares (not 450M) so unless there is a dilution due to a capital raising, your figures are somewhat low!
20000T x $4000US/T x 1.5 ($US v $AU) = $120M (AU)
359M shares = $AU0.334/share
P/E of 15 gives a valuation of approx $AU5.00
Happy to be shown to be wrong (but only if I am on the low side)!
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