The best undeveloped niobium deposit in the world - I don't think so, page-11

I think the Argonaut note mentioned a "see-through value" for Panda Hill of USD 750M-1.1B, so that would be half that for Cradle's 50% share.
It also assumed a total of 455M shares on issue post dilution from 50% equity contribution to Cradle's share of the finance. I have no idea how likely that particular figure is, but I think some dilution from here is likely.
If we run with that, it would mean USD 0.82-1.20 or AUD 1.10-1.60 per Cradle share. Not quite a 10 bagger, but I'd take it. GLTAH