CATL makes its entry via Lithium Plus Pty Ltd?, page-234

Can add ~20% to my NPV's to go from 20 year to 40 year, past 20 years there really isn't that much present value due to discount rate curves. E.g. at year 20 the cashflow then is only worth 15% in today's terms 1/(1.1^20).

In terms of 5mtpa and 10mtpa, I don't think the market prices them in IMO until 2mtpa is up and running. I guess I'd use those larger-mine scenarios to justify a very long term investment.

I have added in another post above a range of NPV's based on spod price to provide a more balanced analysis. NPV/share goes up to 27c assuming 10c cap raise.

$600 seemed a good base case given PLS used roughly that in their DFS last August. Disclosure: I've never held other lithium stocks (just AVZ). However, I would trust PLS's DFS over AVZ's scoping study prices given the different calibre & experience in management and different size of company.