You’re attributing the decline in share price solely to the...

You’re attributing the decline in share price solely to the collapse of lithium prices,and BODs has nothing to do with it.

Far from it , disruptions at BOD level have to have an effect and probably exacerbated by HC but the main driver is the collapse in the price of concentrate and the BOD does have nothing to do with that, you only have to look at the sector as a whole to realise what Lithium prices are doing to shareprices. Some affected more than others for a multitude of reasons and BOD disruptions included.

As I stated it will be at least 2-3 years before the refinery would have any meaningfull effect on the bottom line. late CY26 has been the earliest date for production for quite some time now and it will take 12months to ramp up assuming it works as planned. At the moment the current timeline hasn't been changed but its quite likely it will be IMO and just as much to do with current concentrate prices as anything else. Whatever Keith says means diddly squat untill its known as a fact not speculation.
We will know soon enough. They aren't in great shape themselves. A merger would resolve the NAL issue but would create others.

Any current valuation is unlikely to include anything around the refinery, who knows what Carbonate prices will be in 2-3 years let alone costs. At the moment we are a small concentrate producer and priced accordingly IMO.

On a MC and projected FY24 earnings basis we actually stack up surprisingly well with PLS on a comparative basis and their resources are considerably larger than ours and 100% owned, not to mention their cash position...its tough out there at the moment and the sooner we move on from whatever the voting comes up with the better.

Cheers Whisky