$SBM, a gold miner with $200 million in cash, is trading below its cash balance while losing some money mining gold. It's unclear why $LKE should trade at double the value of their cash balance, knowing they would be totally unprofitable if they had to extract lithium in today's market and recover the initial investment for building an active plant. Lake's fair value is $20 million AUD today.
Ann: Operational Update, page-58
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