No one is happy with where the share price is, I'm certainly not. But there have been a few comments over the last couple of days that seem to be getting a bit panicky (unless people have inside information they're not revealing). Talk of "coming clean" over KCR.
"There has been no, not one bit of communication on it in in 2025 when huge progress was to start. Finance, permits, start of construction..."
There was 7 pages of discussion of KCR in the December quarter report released mid January. And in announcing this deal they literally said:
Now if we look at KCR there have certainly been some additional challenges thrown up that could derail it - one of its selling points was producing IRA compliant cobalt for the US market, and (without getting into politics) Trump's election has impacted that. He's said he will scrap that Act, the tax credits for EVs etc. I don't think we can count on any great demand for ESG certified cobalt out of the US market for the next 4 years and if that is necessary for the economics of KCR then we're probably screwed.
So I would not be betting the house on KCR ultimately going ahead in the current environment given what might play out in the US, but as of 3 days ago management said they were still progressing with it. You either believe that or don't, and if you don't believe (ie think management are lying or hiding something) then it's hard to make an investment thesis for continuing to hold the shares.
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