Well I am very happy with what is playing out. I think the...

Well I am very happy with what is playing out. I think the market is not so, yet... Given the history (attempt at the sale of Mount Marion), the general consensus of the market seems to be very conservative.

I think once the split of the two companies is realised and (assuming that it is not a ploy to push Ganfeng for a buyout of MM) the interest in the Lithium business will return and in due course it will be rated appropriately. The DSO once landed, will propell Barambie with stong cashflow for little capital outlay, providing a solid foundation for phase 2 with a good partner (and leverage to achieve much more than a small stake like MM)

Even if there is a play by Ganfeng for MM it is not all bad for shareholders... However I for one would prefer to see Neometals realise both Barrambie and the Lithium projects (Recycling and refinery). The potential EBIT earnings for the refinery based on my calcs are b/w 3-5 thousand per tonne (30-50m per year), really dependant on the floor price of the refined lithium on the market (based on a cost to produce of 6-7 thousand per tonne)

I've crunched the numbers (with alot of assumptions, earnings estimates and risk adjustments) and if we see the DSO, refinery and recycling land then a very conservative value of $1 to $1.50 is achievable in the short to medium term. Honestly a figure north of this is achievable but I dont have enough information to validate this. Now this would assume a market cap based on the current shares on issue for NMT, obviously the split should allow better multipliers for each company.

Ive revised my current buy below to 45cents (up from 35)... so I will add to my holding as funds allow up to this range.. Looking forward to the year(s) ahead.