@mondy MQG's long term price assumption last January was $20K USD versus the prevailing spot price. HMW risked NPV was A$740M. I don't think this was bullish.
Not sure what makes you think they are bullish on lithium, their short-mid term outlook has been drastically reduced (chart below from Dec last year).
What they are (probably) saying is that there is intrinsic value in some lithium stocks which is being overlooked. For example, Core Lithium, if they can weather the current downturn, they are worth holding on to. Given the price paid for Azure without even a JORC resource, you would have to think Core would be worth more as an operating asset with capital already sunk.
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