Ann: Lithium Battery Recycling - Primobius JV Update, page-6

It's almost impossible to say, Mega. I think NMT has two issues with regards to its sp. The first is that all of their cashflows are a fair way out, kind of 2022 at the earliest, and big investors are probably happy to wait until we get some cashflow before they throw their hat into the ring, even if they have to pay triple+ the price at that point. Parking big money here this far out from a revenue stream may not appeal to them from a yield and derisking perspective.

The second is that it's a tough stock to pidgeon-hole. Is it a miner? They are drilling for nickel, and they have a world-class Titanium deposit, but they're not really hard-core mining at the moment. One of their projects is LiOH refinery in India, and another two of their things are recycling (Li and Vanadium). Where does it fit into the investment landscape? I know it's only a small cap but having such a broad spectrum of project areas would make it pretty tough to put a label on. That's my take on it anyway.

If the SMS project gets the tick at final decision and they already have offtakers then the sp will go mental. I also think that if/when the SMS partnership goes commercial they will revisit spinning off Barrambie as they were planning, and that should help the instos better categorise the company for investment.

Happy to sit and watch it unfold