RE:what is the appropriate PE for a developed mine ?
I actually don't have any idea what an appropriate PE could be for a fully operating mine. Certainly depends on lifetime and much more.
A P/E of 4 seems to be very conservative indeed.
However, your points are good and they're about obstacles.
This is - in my point of view - what makes the big difference between FMS and other graphite plant owners.
Focus Graphite is not sitting on chairs with all thumbs in their asses but instead they eliminate obstacle after obstacle.
Offtake1 ... solved ... offtake2 announced ... financing announced ... permitting planned
Shovel ready: announced 2015 - not in 2-7 years as some others or Biotech companies.