Because moving into Production is always risky and requires...

Because moving into Production is always risky and requires optimisation. Additionally, production takes time to ramp up, so if PLL are allocated in priority, we have no cashflow until potentially next year. Recently we found out that is not the case, with pro-rata split until full capacity, however I don't think the market has fully digested this. It's only been through talking points in their presentations and not so clearly articulated in their announcements. It will become more evident in the forthcoming DFS.

Lithium prices have dropped, significant discounts have been applied to vendors in China, and more supply is starting to come online. This compounded with the current economic uncertainty brings a lot of downward pressure; rightly so. Overall I think prices are going to stay stronger for longer. You can see heaps of these potential producers struggling with the CAPEX to bring these projects online.

The NPV of NAL was estimated at $1B, calculated at $1,836AU SC6 price. It's currently ~$5,000AU. If SC6 falls to $2,200, more than half of current prices, the NPV would be ~$2.5B.