Yes. Three things, mainly:
1. I was not surprised that Citi called out the fact that having a capital management policy could be seen as premature given where they are. Tony can spin it any way he likes but no company in ramp up in a volatile commodity comes out with a capital returns policy this early. However to put a positive slant on it you can say the company listens to what its shareholder base wants, and tries to cater to this, so kudos to them.
2. it should not be unexpected that the IB analysts are asking about Liontown's liquidity position if prices remain low for 18-24 months. Tony's response that all lithium players would be in trouble is not wrong, but given their debt profile, it's pretty evident that Liontown would be forced to act earlier than their peers like PLS or IGO. Any raise that would come from this would probably be significant, and with 10% of the register held short, probably met with good demand - which means fat fees for whichever broker wins the raise. So don't be surprised if over the next few months at least one of the brokers suddenly flips bullish on LTR, and be even less surprised if they turn out to be the one who wins the JLM role on any capital raise (if one ends up being required).
3. I like that Tony borderline sounds like a TV mobster... "Ask your questions dear analysts but don't forget I know your names"
Contrary to what you may think
@Tinwins, I admire this company for what they're trying to pull off in very adverse circumstances - many others would have tripped over by now. Liontown haven't. But some things still deserve calling out (like the "strong EBITDA" spin I noted earlier in the thread). That said I do not focus enough on the positives (which are numerous) perhaps because there's enough ramping on these threads already. But in extremely difficult circumstances they have executed pretty well so hats off to them.
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