Spovend, I agree wholeheartedly with your logic, but the problem...

Spovend, I agree wholeheartedly with your logic, but the problem with that logic is I was saying the same thing too when Lake got to around 1.5 BN, and at the time we were less than half that in market cap , and at that point it made no sense either, and we moved down and now back to where we were around end of the year ( although slightly higher after today) , while lake has pretty much kept going higher and higher.

Its like the lake lovers dont care either that lake just keeps issuing more and more shares also, like that has no bearing on what an individual share should be worth ( the laws of dilution don't seem to apply with lake shares) and everyone seems to be fixated on the price per share and ignoring the market cap valuation itself . Hence I totally agree it has got to a ridiculous level now for its point in the development cycle.

If Lake had proven up the dle works as intended , with the pilot plant actually producing output to some reasonable level of scale that a pilot plant will be built to, not a 50 Kg sample or something stupid, which watch this space.... I expect that to come at some point, yer sure it would be worth every penny of that $ 3 BN, but its well away from that point. Like no one over there understands or moreover cares that technical chemical engineering risk is a real thing.

Lake has become the classic retail pump stock, and I suspect a lot of the crowd that made money on things like afterpay are in there too. It has a whole retail following that has become its own inertia and when you look at after pay too there is a classic example that markets can go to absolute extremes of silliness before something rights the ship. When you look at the afterpay story it got to a peak valuation somewhere around $ 42 Billion, amazing for a company printing losses. In the end but the shareholders still got bought out at a valuation from memory of around $ 39 billion, so the silliness continued all the way to the finish line with afterpay. Astonishing and shows sometimes incredible and non-rational things can happen in financial markets.

I hope for lake shareholders sake it stays where it is because it points well to the near term for us that there is plenty of upside there for our price to run too.