Ann: FY24 Full Year Results, page-19

Problem isn't the company - they seem to be doing exceptionally well in the pricing environment they're in (which is out of their control).

The problem is the valuation at $8.97B. If FY25 looks anything like FY24 then they're trading on a forward P/E well into the 30's, verses the large diversified miners who are less than half that based on my quick screening. Obviously you hold a lithium stock because you believe the long term price needs to be much higher than what it is today, but to support the current valuation you have to look very hopefully a number of years into the future.