The study is excellent, the market reaction not so much. What gives?
I think the market is asleep to the fact that over 90% of HPMSM is made in China and outside of that, only 3 companies produce the rest. As the world decouples from China in the coming years, combined with the exponential grown in demand for EV metals, a number of the big automakers will be knocking down our door. We certainly have the ore body to support additional production trains beyond the 3 that the study was based on so we can turn on supply as the market demands it.
I’m sure JB will be out selling the story in the coming weeks, so I’d expect to see some interviews and the like.
Hopefully we see an announcement that we have met/exceeded Nameplate in the next couple of weeks and confirmation that expansion is underway, perhaps that’s a catalyst for a re-rate.
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