Ann: Revised Proposal from Albemarle, page-806

Agree 100% with this. I think the underground risk is overstated. The ground is good for underground.
The risks are more to do with meeting production targets and getting the processes right. I think we are as well positioned as any before us to meet our targets. We have drilled the crap out of the resource and done tonnes of metallurgy. The resource is still open and we don't know how big it is even.
Problem is nobody has been able to execute ramp well yet. Lithium mining isn't just about digging it up. I was prepared to ride this out past the difficult ramp period but it seems, on face value at least, the BOD feels risk/ reward is around $3.
In my head I had peak time to exit around 2026-7. I saw this being over $4 by then and lithium mining sentiment still strong. So this is leaving money on the table in my view.
As I said before $3 now versus $4 then, I can rationalise taking the $3 now if your investment time horizen is short, for whatever reason. Obviously I would like to hear if the reason to sell now is because they've changed their view of the project or market outlook. I think this is very unlikely otherwise you wouldn't have the biggest mining house coming back to us with 6 bids. So it has to be the combination of trying to extract maximum value for shareholders while managing risk and taking into account their own situation and exposure in my opinion. I don't begrudge them that. There's nothing wrong with the project. It will pass due diligence with flying colours, valuation will come in as fair and, unless we get another offer, this will likely sell imo. I find this very sad but I will accept the outcome if nobody sees more value in LTR. This is like an auction now with a reserve price of $3. If there are no other offers, I find it hard to squeal the price isn't right.
G