ARL chart, page-524

the price action here is kind of blowing my mind.

Commsec dominating the selling of ARL and buying of CLQ lends some support to the idea we are seeing a complete misunderstanding that ARL is in fact ~ 6-7x undervalued to CLQ (if we assume they are primarily valued on their N/Co deposits, and those deposits are give or take equals).

I know this sounds ridiculous but I see this on HC threads all the time - punters like buying stocks that are cheap in raw $ terms, ignoring market cap. This also helps explains the herd action at AUZ from retail IMO.

The other factor seems to be concern over financing, noting COB has had a nice green bounce after telling the market finance won't be a problem. I note CLQ did this in an AFR article, but I don't think they did a release to market on this.

If all this is true, we either need CLQ to start climbing again, or some specific announcements from ARL around financing, offtake and/or such compelling economics from scoping on 2.25Mt option, that the institutions twig and buy hard... all IMO. GLTAH. Trying times...