Ann: Albemarle indicative proposal - due diligence to commence, page-278

Lots of enthusiasm here, but feels like its starting to border on exuberance. You talked about valuing the company at a PE of 20. ALB currently trades at a PE of 5.5 despite consistently growing lithium volumes 20% year over year. If ALB buys at $3 it will be one of its least profitable lithium operations already, other operations can bank profit in the $12/kg range.

I do concede that it is natural for mining assets to be worth more over time as the global lithium marginal cost curve increases, and I personally believe that the majors are undervalued at this point. I do wish you all good luck, but if I were up 1000% I might take a little off the table.

*Disclosure: I hold several 1000 shares of ALB and no LTR. I also own IGO and MIN instead of LTR, and yes I am kicking myself a little for that choice.