I agree with what you say, it maybe doesn't matter that they're a long way behind other players as the battery compositions are changing by the day. JMS could partner up with OMH, they have a reseach laboratory in Sarawak and also cheap power. Cheap power is something other players don't have.
Concentrating on the ore business is definitely the way to go and keeping costs low, unlike E25 which has high costs and loses money on every shipment.
Best to be profitable at what you do.
Ann: Half Year Report and Appendix 4D-31 August 2022, page-26
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