Ann: Multiple High-Priority Targets Identified from Due Diligence, page-40

Everything is a metering of something else.
Sector standouts that have made the grade, WR1 / PMT.
You find significant assays> MRE => LTR being stalked by predators for, $5.5 billion dollars.
Or you do what CXO has, and move to production, with a DSO / SC6 Spod development. And 1.5-2 B in mc.

Then you have all those then who see the prize, and measure themselves to it.

And you have some who have drilled and proven that they DONT have significant MRE building, but thin intercepts. Stranded in the 30-50m mc area. Something, but hard to see their cream ever being put into financing coffee. Wont compete for margins in a soft market if the opex is stacked against them.

And then you have the green field players, who have very prospective ground, but nothing in the apple cart yet.
However, a sniff of significance with the fat kid on the other end of the sea saw, could make the skinny kid get airborne for a while.

Betting on the the price of the skinny kids seat, the cheaper the entry, the higher the multiple on reward.
While risk remains, in OM1 case, you have government data and significant peg foot prints, in C1X you have the best near play to both WR1 and PMT if you are hunting in elephant country.

What i Believe is actually getting the bed wetters depressing the prices, is simply the retrace in spot carbonate prices etc. But the investor should ask, why hasnt that stopped Albermarle being prepared to pay over 300m for ever 10mt that LTR have ?

Although prices have come back, then what for the SC6 spod prices, still makes these developers significant coin ?
And when inventories run low again, the buying at spot, a reversal of the downtrend will bring the rabbit buyers back to push the next wave of hysteria. When the fundamentals always remain, if the world wants EV, there has to be a reward margin for mining it. And significant MRE, with good margins will attract predators.

The bottom line is, that predators will always want to take out the fattened gazelle.
And the betting market will then reward juniors who demonstrate they are eating on good pasture.