It's almost comical that we're sitting at 1bn market cap when it...

It's almost comical that we're sitting at 1bn market cap when it looks like mt cattlin for a long time to come will be producing $125-$150 p.a. free cash flow.

And then add that we have ~$400m in the bank. (so Mt. Cattlin as going concern and SdV (an unvalued part of which we just sold for $400m) are worth 650m combined?!??!).

And we're just about to announce something with SdV partnership. Considering MIN got $1.5bn for a similar resource (albeit with downstream processing), lets say we get a third of that = $500m.

Crazy, absolutely crazy, that this is valued at $1.08 bn.

My numbers on conservative fair value:

- $125m p.a. @ P/E of 7 = $0.9bn
- SdV in current state of development - impact of asset selldown + cash injection of partner = $0.7bn
- Cash in hand from POSCO proceeds (less tax) + Mt. Cattlin ongoing (aka the cash machine)  = $0.4bn

Conservative Market cap = $1.9bn AUD or $4.6 per share.


And all those criticisms about Mt.Cattlin being about to die, or high stripping ratio relative to peers, or high mica...all lies. And about lithium pricing and oversupply, also refuted.

The broader doom and gloom and market funk...well maybe thats why we're at 2.66 but golly it'll be fun to see how many bags we make in an 'up' market in that case?


Amazing that we are priced where we are. I suppose as the saying goes, you can lead a horse to water...