Ann: Investor Update - August 2017, page-88

If that were to be the case then do you think the market is pricing in massive execution risk? Personally I think we have to treat li differently to a gold mine or even iron ore, as there isn't the same conviction in the mineral long term, hence why I don't think the pe will be above 10. IMO pe 5-10 is about the range. With all the us/Canadian, African, and South American li projects trying to start up I think either the li price will fall (preventing a lot of those projects coming online) or the supply will dramatically increase if prices are sustained for the next few years. Thankfully for ajm the next 2-3 years will be the sweet spot and if I'm wrong and ajm can trade on a pe of 12 I'll be over the moon (and probably sell!)