short and distort, page-52

The only "good news" is what is still reported. The bad news to focus on is what is left out in current reports compared to prior ones. When the going gets tough, data points that don't get reported anymore tell the true story such as they don't make money on a unit basis anymore as will burn the POSCO cash in the meantime, thus won't be fully funded for SDV like many think. Partnering fell through as GXY overvalue the asset compared to what the market will pay to progress it now. With no near-term prospect of a new low cost asset development and likely operating losses at Mt Cattlin, the EV of GXY is quite low and the shorts have been right to call GXY overvalued for the last year plus (and the broader Li sector, especially when all players have production issues of one sort to boot).