Volt in Canaccord broker Research, page-22

Respectfully, this sector has some of the worst fundamentals I have seen in a long time.

I encourage you to put the "cheerleaders" on mute for a few days and research objectively. Start with the Macquarie note on SYR and the sector report from Cannacord.

Macquarie has materially adjusted their basket price assumptions (lower) and we are starting to see the impact on Balama's NPV which they now estimate at $229 million. If this is close to accurate then what are the implications for MNS and VRC? Let's be charitable to Macquarie and accept their inputs as reasonable, it follows that Volt must be worth less (certainly not more).

Furthermore, Balama is a development play with equity funding in place and construction underway. By comparison Volt is embryonic with insufficient data points currently to provide any real comfort on the quality of the resource. I have read the announcements in detail (every single word) and it is clear the geology is not well understood at this stage.

How far down the rabbit hole you go is up to you, however you should always be researching and looking for an alternate view to test the validity of your investment.