I believe good-quality tin assets are particularly rare—so this...

I believe good-quality tin assets are particularly rare—so this is probably a better question for management.

Do you believe the MLX team is genuinely capable, or have they just been fortunate with Renison?If you do rate MLX as a competent and experienced team, then that likely answers the question around whether ELT’s brownfields project is seen as a quality asset.

I partially agree with your perspective though; it's an interesting choice, and you're right to question it. Given that MLX has, to date, run a solid business, I think it’s reasonable to assume they see genuine potential in the project. I don’t have their level of technical expertise, so I have to rely on their judgment to some extent.

Sitting on cash during periods of high inflation is effectively letting capital erode—it loses value over time. Historically, this is exactly how tier-one companies have grown to their scale: through consolidation, M&A, and strategic investment during downturns.

Only time will tell if its a good, bad or ugly decision.