Banter and general comments, page-10323

I don't think there is as much execution risk with CXO as there is with other Lithium producers.

I believe CXO are going for a relatively simple DMS or gravity separation plant and not worrying (at this stage) about a flotation circuit. It seems to be the flotation part of the process that often adds time, money and risk to the process - but I guess they do also get the rewards of the higher recovery in the end (PLS for example).

So I feel that CXO will be able to get to a reasonable recovery fairly quickly given the simplified plant.

And what a great time to do it!!. Let the cash start rolling in from end 2022 / early 2023.

By 2H calendar 2023 CXO should be making well over A$150M per quarter, which puts them on a current P/E of no more than 4.

If spod stays high and production improves even a little, the PE could be closer to 3.

Hence we could easily see a 50 - 100% increase is SP over the next 12-18 months in my view.