Ann: First Lithium Shipment Boosts NAL Revenues, page-75

Unfortunately I read that the other way.



I think they have linked the sentence about “reviewing its forecast production and sales” with “the impact of continuous improvement” to try and make it sound positive. But I think it’s more likely a downgrade is coming, since a) Lynch left suddenly, b) the company said they were doing a strategic review and c) it says “in light of the ramp up performance”. The 5.5% grade is good but again I think that’s all deliberately placed.

Put it this way: if it was good news - a guidance upgrade - would it be buried on the second page? Or placed at the start?