General Discussion, page-126

I guess we need to zoom out here and remember the boom / bust / boom cycles that seem intrinsic to lithium.

last cycle was extremely long with prices peaking late 2017. GS seem to be hastening a (possibly necessary) correction, but the market this time round is a different animal altogether, much more robust with looming supply deficits, battery and EV production in overdrive, and record spot prices.

at some point reality will catch up and we will find a floor in market caps, although as we are not yet a producer, that may be factored into our valuation. it's unfortunate to IPO at a time like this, but the ultramarathon that was the demerger completely buggered our timing.

as a long termer I will watch with detached interest to see how it all plays out. a much shorter cycle this time round, I would expect.