Ann: $19.5m Raising to Fund Ongoing Development of HMW Phase 1, page-103

Don't disagree, but did they get caught in a perfect storm with the Li price dropping below everyone's expectations (bar Goldmans who I admit I laughed at in prior years) ? I tethered myself to the US$20K (or is it $25K) floor thesis required for Chinese local producers to break even. However, anything is possible in the short term, & when you are the Chinese with longer horizons and motives that type of logic goes out the window...

Further did their cash burn run rate get skewed by the 'long lead time' CAPEX items required for Phase 1? Not had a real close look, but the spending may have been front ended in this first few months post raise?

Not sure if anyone has dropped this link already
Latest data on China lithium: Demand increasing, supply falling (marketindex.com.au)