Ann: S&P DJI Announces March 2023 Quarterly Rebalance, page-11

Please correct me if I am wrong, the MC has dropped from near $2b to sub $90m in less than 2 years. PPK own nearly half of LSI (when you take into account their indirect share via BNNT).

LSI has a current MC of $180m or so. PPK have something like $40m in cash, $25m carried forward losses, and net assets in the realms of $116m.

Besides the share price going down considerably, and the divestment in mining business and the silly mask venture, am I missing something massive?

It seems like a bargain if LSI becomes success in the next few years. I understand LSI has also had a hard run in regards to SP, but they seem to be moving at a realistic pace a new technology usually endures, that maybe the market wasn't prepared to wait for.

It seems like on paper PPK is a bargain if you were to ignore the SP decline and bad sentiment attached to it. I get that a lot of shareholders are unhappy and are probably looking at considerable losses (I've been there before, so I do feel for you), but I'm keen to understand whether there is enormous potential upside given the battery investment hasn't changed, or if this is a slow death that will never recover for some reason I don't understand from reading past announcements.

Be keen if someone can please advise if I'm missing something crucial? Is the market just too impatient for this one?

All of the above are loose figures, so dyor, IMO etc etc.