Totally understand your frustration and you're definitely not...

Totally understand your frustration and you're definitely not alone. But lets break it down.

There’s still a meaningful path forward here, but it’s important to view the situation through a very realistic and grounded lens.Yes, the stock has taken a serious beating, but part of the reason it hasn’t rebounded meaningfully isn’t project performance, it’s actually mostly structural and sentiment.

There’s a pattern of heavy selling post every capital raise or significant announcement, which keeps suppressing price movement. Add to that multiple pivots in project strategy over the years (European Vanadium to WA Gold & Nickel to Argentine Lithium) and a register that’s not tightly held and even posts like yours (understandably) are reflective of a crowd still looking for an exit, not to accumulate. That psychology alone creates a ceiling and downward price pressure. With the share price falling from the equivalent of $4.60 in 2021 to just 4c today, and after years of shifting strategy without sustained traction, it's reasonable to question whether the chairman's continued leadership is in shareholders best interests.

However, the story changed in March 2023 when Pursuit pivoted fully into lithium. If you judge performance from that point, it's actually relatively in line with many of its small cap lithium peers, management have also delivered some very impressive milestones namely the JORC resource over 1 million tonnes and Lithium Carbonate pilot production, no other junior has achieved both in the last 2 years in Lithium.

Its had some beatings along the way. The recent downward performance since the close of the lithium deal in 2023 really started when insiders pulled a smash and grab dumping free shares which started the free fall from 0.0012 down to 0.003 pre-consolidation. The last raise has been horrible but necessary with significant downward pressure where it went from 8c to 4c with heavy selling and realistically should be 10c however necessary as they have cash in the bank and will top up with the WA asset sale. Have a look at PL3 and PNN with similar Argentina assets they're both sitting around $7m market caps. Pursuit should be there or higher. Frankly significantly higher if you look at their TSX competitor NOA Lithium which is capped at $90 million CAD with a similar less advanced but larger asset.

NOA traded at $90 million CAD with a 4.7Mt @ 525mg/Li resource at Rio Grande and is progressing a PEA for a 20ktpa plant. Pursuit holds a 1.1Mt @ 505mg/Li JORC resource in the same salar, has achieved 98.9% lithium carbonate from its pilot plant, and is completing a PFS for a staged 5ktpa to 10ktpa operation totaling 15ktpa across 2 stages, yet PUR trades at just ~$4M AUD. Both share the same jurisdiction, similar grades, and comparable development timelines where Pursuit is arguably ahead of them as they have validated their process which is critical in brine development. PUR is also yet to drill its northern tenement which should see an upgrade to a resource similar in size to NOA's where NOA has drilled 5+ additional holes covering all of their ground which is why they have the larger resource. On any fundamental measure — project quality, brine chemistry, or process advancement — there’s absolutely no justification for a 20x valuation gap between them. None whatsoever.

NOA are structurally the opposite to PUR, they are capped to nearly the same value as GLN with no BFS, off-take or ponds constructed. However they hired market makers on the TSX with a tight register. For Pursuit even today a trade at 3:16pm for $285 pulled the stock down from 0.045 to 0.043. Trading in this manner is counter productive for price support and increases.

The Rio Grande Sur project is a phenomenal asset, and the recent confirmation of high grade lithium being produced from the pilot plant gives the company a real shot at development success. If you go back to 2021 the stock was sitting at current price equivalents of $4.60. So yes, it's come off heavily, but that move was never sustainable especially with those assets which were mostly hype.

What you have now is a far more grounded valuation based closer to actual project fundamentals rather than pure hype off large cap raises albeit it has been oversold in the market where with some decent after market support and it would be trading back at closer to 10-20c.

Short answer: yes, it can rise and significantly. But until the register tightens, capital raises are done preferably at premium (or smaller discount not 20%), and long-term holders outweigh traders looking for short spikes or free options, the moves will be capped. That said, if lithium sentiment picks up and PUR hits some key milestones which is very probably given the achievements made in 2 years, re-rating potential is absolutely still alive. Assets in the lithium sector were going for a few hundred million a few years back and the MD of Pursuit founded one which was eventually sold as part of a consolidation for $340 million AUD. AGY was capped at over $1 billion at the peak of the cycle, its now just under $30 million at the bottom. Will a rebound in lithium price happen. Absolutely just listen to the commentary around the commodity, its a question of when not if. However when could be years away in 2030, or next year in 2026 depending on who you listen to.

Hope that helps give some context.