AAM Research Piece, page-20

That is not the point. The point is that HPA prices quoted in research has gone up ballisticly everytime the projected capex blew out, or another capital raise is lobbied.

Three years ago (or thereabouts) Altech was basing it case on actual prices of 20k. If prices now have doubled, I should see that in the bottom line of HPA producers, whether it is higher profit or lower loss. I don't see that, and the wordings in the research is carefully chosen so that actual prices are stated as hearsay, not as conclusions.

I don't know about your comment on prohibitive costs of new investments either. If producers were investing in capacity when prices where less than half than where they are claimed now, what then makes you think that these are not viable? The lack of appetite for investment makes me weary about prices quoted in research. These disconnect. What is the capex/tonne and the opex for a new Bayer plant, any link to where I can find that?

I might not be the only one being weary, otherwise Altech would have been financed ages ago, certainly if others wouldn't be able to be viable where Altech would make huge margings, and paying back capex in a hurry.

It is fine to be enhousiastic, but these things just don't add up, imho.