Ann: Quarterly Cashflow Report - June 2023, page-147

you got me on point 1 & 3 - the capex to Puna is consistent which is a concern

Not sure why delays are big deal since every lithium company have not managed to get into production in time. If Kathleen valley gets into production next year then they would be the first to buck the trend. But you are right, management should communicate better to shareholders.

Regarding point 2 - LG Chem for instance contributed quite a lot of equity for small projects like for Green Tech metals. They invested $20M so the battery guys don't mind investing checks of $10-$30M. That would sustain investment for 4-5 quarters. Please note below announcement.

https://news.lgensol.com/company-news/press-releases/1749/

Overall, not a bad risk/reward bet. The odds would be better if the share price was further down imho.

Another reason for the bet is that they could be an acquistion traget by a major. I am looking at SQM, Livent/Allkem or even Posco taking them out. Albermarle - I doubt as the resource size is not big enough for them.