Ann: Albemarle and Liontown not proceeding with proposed scheme, page-382

Is that REALLY the best you can do? Among my friends, the immediate response would have been, "Your wife's."

By way of a civil response, I'm not predicting $2B profits in two years. I anticipate the profit will be slightly larger, once ramp-up is completed, but figure we're six to nine months from commissioning and most ramp-ups take a good two years, so I figure it's more like three years, to be conservative.

Assuming we're not massively diluted, and I suspect there may be some dilution, but not much, the $2B annual profit works-out to almost exactly $1 per share, as cited in my post that you are sophomorically trying to insult. Are you still with me, mate? Clearly, the simple math didn't ring a bell the first time.

From there, a profitable LI firm SHOULD be trading in the 8-10 PE range, hence the $8 to $10 SP. You do still follow? As with most of my assumptions, I've kept it conservative; SQM currently trades at 12.5x and ALB trades at more than 33x, but we're a few years from flying at the same altitude as they are.

Finally, most mining stocks that are profitable and aren't debt-laden typically pay dividends at a rate of 20% to 30% of either profit or free cash flow. My chosen 25% happens to be in the middle of that range, and, yes, 25% of $1/share yields $0.25 per share.

It is always better to stay silent, and allow others to assume you are dense, than to open your mouth, and remove all doubt.