You forgot, lack of sales and mine life. Imo the loss of...

You forgot, lack of sales and mine life.

Imo the loss of confidence in their first 6 months of production (from around July 2021) saw their SP drop from around 10c to 3c and since then it has had a slow slide to 2c with fluctuations which you would expect as IO price fluctuates.

Ramping up production was great and from there the secret was always going to be getting sales, but that is where they have struggled. The recent 3 BSM contracts is a positive step forward which if they can convert into actual sales will really give them a boost. For me we won’t see the SP reflect the true value of TI1 until they return production to over 1mtpa and get sales to match. Then they will start to see great returns.

Furthermore with IOP up at $US110/t today and on an upward trend, we could see them deliver a great 2023 outcome if things keep heading in the right direction.