North American Lithium - Revisit, page-119

Kevo, only thing I'd note is that it's not that unusual for a mining stock to trade below NTA if sentiment around it is bad, market is worried about the forward outlook for the commodity, etc. Just to pick one example I'm immediately familiar with, WHC had NTA of $3.14 at 30 June 2020 and yet traded under $2.65 (and as low as 90c) for all of 2020 and most of 2021. Benefit for Sayona is they have no short term debt, and it's often the debt that drives something to trade so far below NTA (because when all is said and done the company doesn't really own those assets if they're the security for the debt).

In my opinion SYA certainly looks a bit more reasonable at $900M than when I last posted at $1.1B, although interestingly the smart money still has it at #7 on the most shorted; in fairness I presume that's mostly sector-related, not company specific (given PLS is #1, CXO #6 and LTR #11). That said, I am still of the opinion that a production downgrade may be on the way: https://hotcopper.com.au/posts/69754280/single