Hi Triage, You make some good points about the presentations, I...

Hi Triage,

You make some good points about the presentations, I also do not like them presenting production as 100% when we own 50% of Namaska and 66.5% of Olaroz. However they do have footnotes all over the presentations stating that fact. I do like the Capex numbers being what is attributable to Arcadium so we don't have to do the math. I think they should be consistent with both numbers and it should be the 100% attributable to Arcadium. Not sure why they don't do this, its not fooling anyone.

As for the management and the past lack of development, does it matter?? if they had been successful in the past then they would have been a much bigger company at the merger and we would have owned less of the company. Although maybe if they were the bigger party they would have taken us over with a premium. To me Livent went down a conversion strategy rather than upstream volume, that was the wrong strategy when pricing goes to $80k. However now when pricing is where it is, the strategy is looking pretty good. For the life of me I can't understand why the share price is so low compared to peers, most established companies are losing money or breakeven, we still have cashflow to expand.

I guess the main question with management, is can they deliver given they don't have a good track record. That applies to Livent as well as Allkem, all projects late, costs overrun etc. The capex numbers they presented are big for the projects, I think they have been conservative here and they even said it themselves. The timeframes are long, 4 years to do the 4 projects. I guess we just have to measure them on this moving forward. I know this wasn't the plan at the merge and we expected all 4 completed in 2 years, but we live in a different world now and you have to adjust to the market conditions. I think there is still too much optimism in Li companies, they are all expanding through the cycle, if everyone continues to do this then pricing will stay where it is for a long time.