What is GXY Worth?

I've put together a little spreadsheet to try value GXY's three projects.

I've tried to be fairly conservative, using a 25% discount to the prevailing product prices.
Final figure achieved by comparing this to FMC Lithium division's operating figures*

I also based Sal de Vida as a 25ktpa Hydroxide operation with a 1.1mt LCE probable and proven reserve model. However, it is almost certain that it'll be upgraded to a 50kt operation sooner or later given the massive 7.2mt LCE mineral resource will be enough to support a 144-year life of mine if fully converted to probable/proven.

Interesting to note, at $12,000/t product prices, Sal de Vida is worth $1.4B with an 8% discounted NPV. But if an $18,000/t price is used, the NPV ballons to $2.4B. In theory, the project is worth closer to $2.4B currently given prevailing hydroxide prices...

I also assumed James Bay will be a 25kt hydroxide operation as well given management's intention to build an on-site conversion facility. Capex is an estimate.

I've used a few other assumptions too but they should be pretty obvious i.e. James Bay product cash costs.

What I believe GXY is worth under reasonable conservative inputs: $11.52

*Significant judgment and assumptions here. The preferred figure used is the price to post-tax earnings ratio. FMC Lithium division ratio turned out to be ~11.5. I chopped 1 off and used 10.5 in the calculations.



Please let me know if there is anything material incorrect about the figures/logic.

P.S USES MANY MANY ASSUMPTIONS