Ann: 121 Mining Conference Presentation, page-3

2020 LiO 6% concentrate production target 240,000. Assuming lower bookend of current offtake sale price of US$680 per tonne and target US$400 per tonne cost, this equates to 2020 operating cashflow of AUD $97 million. Current EV is AUD $280m. Should operating cost targets be achieved and should the 240,000 times tonnes per annum be achieved this mine is going to spin out A LOT of cash over the next 8 years.

If one takes a more optimistic price per tonne (in a few years) of $850 per tonne, this mine spins out operating cashflow of AUD $150m per annum.

of course head office and exploration costs and interest on debt will dilute the end cash flows, but all in all this looks quite promising to me.