Banter and General Comments, page-7904

You're dreaming if you think SDV can attract a US$500m (AUD $700m) valuation at the moment. The reality is SDV in its totality would be lucky to fetch US$200m at the moment. So a 50% joint venture would be worth around US$100m, which will come nowhere close to funding the project on its own.

Management aren't doing a joint venture because no one in the industry is offering anything close to what management think it's worth. Management have said that their valuation of southern SDV is based on the sale of northern SDV. The problem is the sale of northern SDV was around the peak of the lithium bubble. Management's expectations for southern SDV is close to AUD$1b. That's like me trying to sell my house in a housing downturn at the price my house was worth at the top of the housing market. It's just not going to happen. There's a huge discrepancy between market value and management's valuation.