My best guess is that it's all about Europe. The EU are reaching a vote on big tariffs for Chinese EVs which would affect the industry in Europe. More importantly, Northvolt which has a similar hydromet recycling process to Neometals is on the ropes, with $13b in debt and other commitments, a deferred IPO, problems with cashflow, labour costs, stunted EV demand, issues keeping up supply to BMW et al. Having a big player like that dropping out of our sphere of interest would be a real boost.
I think maybe the increase of 50-60% this week is just a rerate as a result of the above issues redrawing NMT's risk/reward profile.
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