Yes, the cost should be plus LCE conversion cost. I am neutral...

Yes, the cost should be plus LCE conversion cost. I am neutral about this stock. The PFS is actually looking good, with all the numbers meeting/exceeding expectation for a DLE developer. But the only confusion is the team doesn't treat it as a major project compared to the Big Sandy given how great the board believes it is. If the project is going to expand to >20ktpa LCE in 5 yrs, they should not say it's a short-term goal while the Big Sandy is the long-term goal (as what Paul said in an earlier interview). But I don't see anything that should lead to a selloff at this level. If there are some hidden difficulties that limit the project to become a bigger one, than the current valuation is probably fair.