Ann: Adina Drilling and Operations Update, page-27

The stair case lower, was fed by only a small around 0.5% of the registry each day.
Could have been combination of retail and also funds with sector spreads, as it was also to other leading contenders, not just us who took those stairs.

Now that the market knows (or remembers) that M&A is active even in counter cyclical, starts to look at whose got low hanging fruit, worth taking to the apple pie factory.

And our Apples are as good as LRS 560m from PLS, or better for longevity and upside.
Makes some sellers pull their heads in, and perhaps the low is in.

And remember that the fear and gloom trade, prospers on the illusion of an endless winter.
M&A can signal the signs of the approaching spring.
The big fish are betting on that they need to buy now, before there is a ripple in the supply side that spawns lithium 3.0, and they then have to pay multiples more, a short walk in history to LTRs 6b bid.
As well, they like to diversify, for what could be fatal flaws in Supply out of AUS / risk of China- Taiwan.