Ann: Significant Resource Upgrade at Burke Graphite Project, page-59

Put as many lithium prospectors on your watchlist as it will allow and you'll see the bigger picture. It's not company specific and it's mostly tied to the fall in the small volume China spot price from ridiculous highs, coupled with the peak of the inflation cycle and market uncertainty.

Whether you prefer the wording of "be greedy when the market is afraid and be afraid when the market is greedy" or "buy quality stocks at a discount and sell them at a premium", you'd be following Buffett's advice. If you want to predict market movements then go for it, but you'll get better returns on the pokies and about the same strike rate.

Lithium briners are going to be hit and miss over the next few years but LEL has at very least a good resource and can sell it off it the worst case. Turning it into a saleable product remains to be seen but it can be done by someone if not us.

LEL's greatest asset IMO is high quality graphite in resource-friendly Queensland and if that's the only project they see through to completion then it's a bargain at $30-40m. That's the easy bit. Solaroz should go to production under its own steam or in some kind of partnership, but Burke is a fait accompli IMO and will carry the company through whatever market ructions should come in the next couple of years.