three things that smashed us in the last 9mths- ESS deal...

three things that smashed us in the last 9mths
- ESS deal dilution.
- Lithium price - we are now closely correlated with Li peers.
- MIN losing control of their sell order.
Without the above we would be washing around the low to mid $3's waiting for development news on the base metal assets.

The market is not necessarily driving the price lower, rather the lack of buying due to the complete lack of financing and development news. It's coming we are told so we should reasonably expect price to regain previous levels and when the news drops and the rubber hits the road. However, right now we are sitting on three undeveloped mines and services portfolio worth ~$1bio IMO and brokers. Is a $500m MC/50% of NPV fair or expensive? I think it's fair.