I don't see why this has to be the bottom. It's still at $406m...

I don't see why this has to be the bottom. It's still at $406m market cap with the uncertainty of not knowing when or if it will ever be economic again. We all hope spod prices could go back to ~$2,000/t but what if they don't for another 24 months? Plus the added uncertainty around capex for a future float circuit.

CXO is supposed to be a producer (but it isn't really a typical producer given it's circumstances), and at the same time it is still facing issues typically associated with developers or explorers going through study stages. It's hard to know exactly what CXO is. From what I can see, CXO as we see it today simply reflects the insanity of spod prices from 2021/2022 where people tried to make anything remotely lithium related work. The company is now left with a high cost structure and less than ideal geology. Of course none of this is a problem with spod prices above $2,000/t.

Not to be needlessly harsh, but I've never seen any CXO holders make an objective case for why CXO is such an attractive lithium stock to hold (i'm open to someone making the case). It's got multiple small deposits, issues with the quality of the spod, wet season in top end, potential pit stability issues, a float circuit on the way (which will obviously be a significant capex item and I assume will also add to the opex line on an ongoing basis as well). I'm honestly curious to know what the positive aspects / upside for CXO is?