ASX Today, page-39534

..even the most glass half fulled investors must see that any rise in the stock price needs to be accompanied first by a de-risk of funding aspect and commissioning/production.

..and it would need to update its financial model with latest cost and price inputs to provide a more realistic projection of its Project NPV based on new production plans. Its current DFS has a NPV of $4.2B based on a US$1400/t price, this gives a price of circa $1.75; we will know soon how much this would be downgraded when the new model is completed.

..so we can't get ahead of ourselves expecting a re-rate back to $3 until we can get past the above hurdles. And as we know, the macro landscape for EV market has changed quite significantly (see my earlier posts).