Yes, agreed on the EV/Hybrid preferences across Australia and China, I don't think this will have much material impact on Pd demand shortfalls however. Supply looks to be the issue.
I completely understand that the scoping is preliminary. However, when comparing these very rough/approximate figures to the current MC, the company seems overvalued (on a bonkers scale). It's priced as if it has been both in production for 5 years and with further outstanding discoveries/acquisitions. The current 550m MC is almost 1/4th of its very rough post LOM net profit of ~2.25b (after initial CAPEX). Crazier even, that when it was $8/2.9b MC, the company was worth MORE than this post LOM net profit based on current prices (yes, hindsight, things have changed). I just can't see the value here, at all. And it hasn't even hit DFS stage. I really wouldn't be surprised to see this slip below $1 for a sustained period.
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