Good post mate, from what I recall trawling through threads from...

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Rocket230

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26/03/23

11:22

Post #: 66962768
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Originally posted by Surfer Sam: ↑

Hello Folks,

Might be time for a "pause for reflection".

The last time I wrote something like this was in 2018 (top of the last lithium boom), and I was deep into FAR and stated that I was switching across to lithium stocks including LKE. Received some weird responses as FAR was hot back then. In fact some people were very rude. Subsequently FAR was destroyed by horrible management and lithium has had a whale of a ride.

I've been loyal to LKE until recent times. Topping up in blind faith in 2019 on a "whim and a prayer".

Like a lot of people here, didn't take profits in the $2+ region, even after my wife and accountant advised me to let go 10-20% (sound familiar). I was a believer in the company, the holy grail to $10+. Even after Steve left, I could see the logic in the move to the next level of management.

But where are we now.
Why are the pilot plant results so "opaque"?
Never mind the exorbitant time that has passed by waiting for something concrete when other companies are running ahead.

Why has the new CEO joined LKE after a stellar career in the oil and gas industry? Probably because of the mess he put his last company in, and was not getting the "tap on the shoulder" for other type positions in the upstream and mid stream industries.

I am concerned that this guy could be a complete "lemon". There might be some skills transferable from O&G to mineral processing but it is "mind set" that bothers me. In O&G, big $$ just flow around and around, and people think big and are big.
When the oil price is high, everyone makes $$ and you can paper over past mistakes and look a hero.

The CEO might make me eat my words but I doubt it. Another 12-18 months and he will be gone. With a pocket full of $$ too.

As for this latest stunt by Stu, he was never the "sharpest tool in the shed", but no one was bothered when Steve took the SP to high levels. But so many red flags now, I have lost most of my confidence in the whole thing.

It's now like 2018 all over again for me. Call it just dumb luck but late last year an oil stock popped up on my radar that presented an opportunity not seen in decades (IVZ). I started buying in bit by bit after each positive announcement as they drilled their well (rank wildcat in an unexplored African basin on land).
The only way I could buy stock was to switch out of LKE. As hard as it was, have ended up 95% divested from LKE by Xmas.
After 40 years in the oilfield, have become impressed with every aspect of IVZ.

Not saying I won't be back in LKE, but would need to see a DFS first, plus a ton of other boxes ticked.
I expect a barrage of negative comments on this post, but hopefully it might help some of you.
Just like my FAR post in 2018, turned out ok for those that followed it.

Please DYOR on IVZ.
In 6 months, will catch up again with great results I expect.

Going for a surf
Sam

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Good post mate, from what I recall trawling through threads from a while back your a chemical engineer correct? You always raised some good points and never had the pump agenda like the rest - your correct though it’s hit the floor big time.

LKE Price at posting: 48.0¢ Sentiment: Sell Disclosure: Not Held
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