Great post, especially in regards to the underperformance next to other Mali companies, especially those on other exchanges. It shows far higher tolerance for the political situation internationally than here, which is interesting.
FFX though is a unique animal, it's a Heisenberg type stock. No one knows what type of company it is until you decide to open the box, collapse the waveform and value it.
Gold price up / Spodumene price down = it's a lithium stock with a stranded asset in Africa - underperform other gold stocks
Spodumene price up / Gold price down = it's a gold stock and gold is never going to get a bid - underperform other lithium stocks
Of course this is why the spin off is a thing. The funny part is that the punishment for whatever side of the business is not fashionable that day is far greater than the benefits granted ever for either side of the business (except maybe the last end of 2021 lithium surge)
I think everyone agrees there is upside to the price for all the reasons you outlined.
The extended timeframe for the spin off I think has cost a fair bit of momentum, whether this gets pinned on management, well there's pages of combat on that here.
Thing is, while it has been a while, the finish line is now in sight putting that factor in the short term category. Same applies for the political situation, while it's totally out of control of the company, the news that at least for now it's business as usual bodes well and with various meetings etc ongoing, a short term solution is if not likely then possible.
End result, revaluation sooner rather than later.
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