On what basis? TG6 has 71.1m shares on issue. You think the...

On what basis?
TG6 has 71.1m shares on issue. You think the price is falling below 11.5c because lithium isn't in good shape so the price is going to drop to $8m MC?

The price hit's already been taken at the $15m MC. Back in the good days of lithium bulls a couple of years ago, one of the default assumptions that was doing the rounds by brokers and did match the pricing of several companies was that every 10Mt of resource of adequate grade and permitting likelihood was worth $100m. On that basis TG6 would be on-track for a $200m MC if they can prove up Burmeister as they expect to 20Mt. Accepted that was a bullish pricing environment and people didn't realise quite how bullish it was till sentiment changed.

With 71.1m shares on issue that bullish pricing environment would have TG6 with a price target of $2.89/share (and possibly more from Jaegermeister expectations). There's a 93% discount to that value because lithium's not in good shape. I'd suggest lithium not being in good shape is already reflected in the current share price.