Given the spodumene pricing is so low compared to spot, and...

Given the spodumene pricing is so low compared to spot, and obviously the biggest variable, my first thought was to assume there is something in the fine print of the 'Scheme of Arrangement' which dictates what spot price can be used. If the board were actually interested in pumping the share price, the sensitivity analysis would have had spot price NPV.

However, I think given the board want to sell the business, they don't want retailers leading share 'price discovery'. Retailers getting excited about billions in NPV could lead to the share price getting out of whack with what other developers are willing to pay. This would sink potential deals. Developers are sophisticated enough to plug their own pricing into their models and calculate what they are willing to pay.

I wouldn't read too much into this report under the current circumstances