Ann: Renard Project Update, page-220

Even at its height of 2.50, it was undervalued from peers.
The AUS / Brazil peers were many times more moths to the flame, than the canadian space.
So we started with a handicap, but then dealt with sector wide selling, that has taken the tide out from all boats.

Yet, our probability to get to a development position, remains unobstructed by potential Asian conflict that will draw in both Australian and Brazilian assets into question.

Taiwan, may be the Steven Bradbury moment, that takes out the peers, and we sail through to a gold medal.
Yet the market is not pricing that risk into relative valuations. If it were, we might not be discounted to peers but a premium.

Nevertheless, as we draw nearer our development certainty, we eventually displace the weak holders, from whatever fund who is sector soft, to those with greater appetite and contrarian vision. Come developer, we rise to industrial value as measured by our earning profile. The discount from todays MC to that, is the opportunity bet over that course.

No doubt that a rising lithium price 3.0, will lift many boats who are credible, we just have a greater multiple to rise due to the MC discounts.