If we replace your 'SBM' with 'GXY' and Lithium, your counter positions look quite funny:
GXY also have cash, no debt, and sell Lithium at a profit.
As to A40, I think they are a solid company with a good processing plant, good resource still unexplored but still working through the painful ramp-up stage.
Once they have paid off their creditors, they will do very well.
Ann: A40: $32.5m Strategic Institutional Placements, page-142
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