@Kiwisfly9, The markets are forward looking mate, the rises...

@Kiwisfly9, The markets are forward looking mate, the rises lately of all of the producers is a sign that the market expects the spod price to rise, even if it isn't showing in the data yet, but it will. It almost feels like we have wound the clock back a year or so, when there was plenty of movement in the SPs of most lithium hopefuls, but CXO was left behind. Lately, nearly every lithium stock on my watchlist has grown....except CXO. I voted no to the crap Total Shareholder Return resolution at last years AGM, so far, that particular resolution isn't working out so well for management as we are growing at a much slower rate than our peers.

It also feels like we are about 6 months late on gold as well. I know the price is still high, but it does not have the same shine that it did when we knew nothing about COVID. The rock chip samples are ok, but it feels like the market is swinging back to lithium now as the future looks a little brighter and the sustainability race regains some of its lost momentum. It feels to me like a bigger exploration program is probably the way to go - I know why we are conserving cash and it was the right call earlier in the year, but is it still the right idea? perhaps aggressive expansion is?

Looking at my lithium watchlist and the growth that has been occurring to nearly all of them, I can't help but feel that if there was ever a company that was set for a re-rate, then it is CXO. Even some/most of the juniors are doing better, so our time must be coming, we just need some decent announcements to kick it off. The watchlist IMO is starting to look like it should have all along and with the likes of PLS and GXY recovering - the way I see it is that if they are closer to fair value, then we look even cheaper by comparison. After all, why invest in a junior if the majors are so cheap - once the majors get more expensive, it doesn't seem like such a punt to buy into a junior. Selling anytime soon would be at the owners peril I think, the environment right now and over the next 6 months is primed for some decent upgrades and the DFS to kick things off. A quick spoiler though, if you think the DFS is going to get us to 25-30MTs (noting it is the reserves that matter), I would suggest that we will have a bit longer to wait until we see those numbers - I would be hoping for 7-10MT of reserves but this may also be a little optomistic. The numbers that most of us ran 6 months or so ago developed an NPV of approx 250m based on what we knew then. If we are lucky we may be able to extend this to 300-325m - this will still be a good result however, and should see some positive SP movement - how much? no idea, but if history serves, it won't be as good as I think. Our wait might finally be coming to an end but we need something to get us moving, clearly rock chips aren't cutting it - get us another binding off take and some finance and this thing will go vertical.

Hold tight, the early signs of a sector recovery are evident, we just need a company recovery to boot.