A few other things to considerThe valuation discussion is great, here are a few other considerations.
Given the projected cost of $650 M, how much of that will be raised by share issues, at what price? How much by debt, and does FL partner, either by selling a forward revenue stream, or guaranteeing a future price and supply in return for build out cash? Answers today are pure speculation, but they can have a massive effect on the end number.
Remember also that the study referred to used pricing in effect a year ago. THe Li spot price has moved a lot since then, but there are longer term contract prices that are harder to source.
It seems like the possible research coming from the underwriters of the latest deal will shed light on all of this.
There is also a maximum mine size that makes sense here, even thoug the deposit may be far bigger than we see today. There will never be a rail link here, so the road limits the size of annual production.
The addition of the 2 mining experts to the board is the best news of all, because all of this is far too complex for an inexperienced team. Nemaska is proof of that. Trevor Walker did well to add competence here.
Best of luck