Thanks guys for helping me to answer @redned71's question.
I can also add that if you look at LKE and GLN, their NPVs and MCs, you find that LKE's NPV = USD $1.6bil = AUD $2.13bil and it is not ready to start BFS/DFS yet but its MC was up to $410mil few months ago (about 20%). It's NPV is a very lofty number because it set all of its assumptions at the best of circumstances.
GLN's NPV = USD $1.01bil = AUD $1.35bil and its MC went up to around $265mil-$270mil yesterday (around 19%-20%). It's NPV is likely to be updated to double the current value according to my research and thus I always believe it has a lot more to go.
Both of them are in the lithium business but 20% of NPV are very common across many other mining projects.
Those 8 LOI customers were from 3 years ago at the time of low IO prices and lower world's steel demand. You can imagine how desperately they and many other potential customers really want get into off-take agreements to purchase high-grade IO products in the current environment of very strong IO prices and steel demand.
CAP Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
