I haven't bought back in yet because my expectation is that...

I haven't bought back in yet because my expectation is that Tiehm's buckwheat will be listed as an endangered species, for the simple reason that it really is endangered - the plant just isn't found anywhere else on the planet. In other words, it will be listed as endangered because it satisfies criterion A - "Present or Threatened Destruction, Curtailment, or Modification of Habitat or Range".

If the plant is listed as endangered then it's appallingly bad luck for Ioneer; right at the spot where they plan to mine there happens to be a rare plant species not found anywhere else in the world. Seriously unbelievably bad luck.

Being listed as an endangered species would surely mean that, as a minimum, Ioneer won't be allowed to disturb any existing populations. Any proposal to relocate populations is unlikely to be acceptable.

There are Tiehm's buckwheat populations on the north-western and south-western flanges of the proposed south basin quarry, so listing Tiehm's buckwheat as an endangered species would require a revision to the mine design.

The Tiehm's buckwheat populations aren't in the middle of the proposed open pit mine, so depending on the perimeter of the 'no-go' zone, a revised mine plan could be viable (i.e. smaller footprint). But unfortunately the Tiehm's buckwheat seems to be located where the mineralisation outcrops, so the impact to project economics could be substantial.

A review of the available maps seems to indicate that Tiehm's buckwheat populations aren't anywhere near the north basin. With the benefit of hindsight, perhaps Ioneer should have been doing more there. I'm not sure if they still have a permit to do any further exploration in that area.

If I'm wrong about this then you guys are going to make a fortune, because it must be the only thing keeping the brakes on the share price. And I will have missed the party (again!).