Agreed barney, it’s a forward-looking view that matters. My...

Agreed barney, it’s a forward-looking view that matters. My earlier point about recoveries was simply that it had stung them on the cost front for the best part of a year. That obviously hurt their margins and therefore their cash burn. All of this contributed to where they find themselves. It’s not a critique, just a statement of fact. Lithium is going to cycle just like any other commodity, and the high-cost guys are gonna hit the wall. Happens every time.

If I *was* looking for a critique, it would be that they tried to present the business as making NPAT of $10.8M in their first year of operation, thanks to costs of just ($19.6M) as below:



Only problem is once you dug into the notes it became apparent it was financial tomfoolery; they had capitalised waste stripping costs of ($46.6M) to engineer their “profit”.

Retail took the bait though, and pushed it up 20% on the day…