Ann: March 2024 Quarterly Activities Report, page-67

This is a good company but the report shows exactly why so many are short this stock (and for reference, no I am not one of them). They have significant capex spend ahead of them for P680 and P1000 meaning as long as the lithium price stays where it is they will continue with skinny margins requiring them to eat into that cash pile. Given where its earnings now sit, at A$11.5B it is very fully valued. If lithium prices stage a miraculous recovery all will be fine. If they don’t, the downside is much clearer than the upside. Just my two cents - it’s simply a question of valuation. Otherwise, it’s a stupendously well run company in my opinion and a great Aussie success story.