I recently asked someone I respect in the resource investing world why nobody appeared to be that interested in Galan, despite all the data on the resource looking like it ticked all the boxes. His response, in summary was:
“The other players have been at Hombre Muerto the longest; all the good ground has been pegged. I suspect as production ramps up the brine may deplete and threaten HMW’s flows etc.”
I haven’t taken that thought any further but like you I scratch my head on this. FWIW I had a list of possible other “what are we missing” reasons that I posted here back in December. Many of them remain outstanding today: https://hotcopper.com.au/posts/65106467/single
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