If you look at the size and quality of its resource, its...

If you look at the size and quality of its resource, its location and the potential growth of its resource, it is cheap at this level. There is every chance it is sitting on 5 times its published resource. In terms of the quality of the resource- none better on the planet. Very important industry fact.

If you then look at the fact it is nearing first production and that when you do the numbers, at 5mtpa it will make close to $1b per year net cash, and that 5mtpa offtake is effectively locked in, then a $1.87b market cap is also potentially cheap. Plenty of commentary around the potential to be a 10mtpa operation!

That sort of cashflow is, of course, a few years away, but look at what is happening in this lithium based revolution with EV and storage. That $1b future net cashflow could double in time, especially given the downstream JV's, and the further doubling of production.

So it's a question of how much you want to discount a potential future theoretical valuation of $20b+, for the time it will take to ramp this up to those levels of production, plus a question of what you think is going to happen in this Industry.

Frankly, as has been discussed, a $3b market cap by June 30/first production is highly probable, and it will be northward from there, in my view.

Happy trading!