EUR Chart, page-113

Buy back is a catalyst. It is not an event. Many companies have gone through buy backs and still, share price traded down, so it speaks volumes EUR remain on an upward trajectory of market capitalisation.

What commands a re-rate are events, such as mergers and acquisitions. Listing on Nasdaq alone is not an event but a catalyst for the event of M&A.

This is a basic fundamental economics of trade. "Trading" meaning operating a business.

Other catalysts for EUR include:
- PIPE
- JV hydroxide plant
- Improvement in DFS (either less cost or more resource)
- Improvement in LiOH purity from already 99.96%
- Further drillings and result (increase in JORC/asset)
- Secured funding - loans and equity (60/40 split)
- Commencement of Construction/Pre-Production
- Macro environment changes eg. geopolitics
- Competition eg. reduction/increase in Chile's exports

Further, BMW offtake and DFS has not been priced in, in part because the mine is in Europe (this alone speaks volumes as if the mine was in Australia or South America would be a different story).

One measure of the Board's success is having the company's market cap above AUD250M.

So sure, let's focus on buy backs... afterall it is the catalyst currently in play. But it's not the only catalyst. As any shareholders can clearly see, and factually know (there could be others), there are many catalysts this year alone. Not to mention an up and coming event.

It's fascinating where retail investors get their forecast from, as if graphs will behave based on historical data on a micro/business level, especially in mining where the cycle is modelled on an aggregate level.

It is interesting there is much focus on share price, despite the fact that buy back's purpose is to reduce issued number of shares - although taken the desired effect since less number of shares means higher share price value.

Anyone as old as I in this industry knows (or should know) after seeing/experiencing this time and again, buy backs can increase a company's share price but market cap can remain the same.

So to my point: Take note that market capitalisation is also increasing in value.

It is explained mathematically:
Market Cap / number of shares = share price