In my opinion NMT has moved into prime risk/return...

In my opinion NMT has moved into prime risk/return territory.

Instead of talking about the upside with the recycling; which will still need the process improvements to meet the regulatory requirements for recovery in the EU, I like to look at the downside.

What is the minimum value I think is guaranteed in the company? The mcap has dropped to below 280m. They have a FID due next month for their vanadium project with a PFS > 450m which they have been gifted now a 72.5% ownership of. The vanadium market is risky, in that there is not solid benchmark price, however the project is in the lowest quartile production cost and is carbon negative. Thus they should be able to survive any downturns and the project economics will be supported by supply and demand equilibrium. The PFS is based on 2m feed, but they have an agreement to go to 3m. Then on top of that there is the opportunity for a second plant with H2 Green Steel for 4m of slag feed which is not included at all in the PFS. I like these numbers, and I feel this project alone is a safe backing of the entire company mcap without even taking into account Barrambie, Recycling and Lithium refining. Of course you have to be a long term holder as you likely won't see the cash coming in until 2026.

The second concern I suppose is how we get there. Are the board doing a good job and are good stewards of long term shareholder value?

Based on their historical performance I don't see how you can fault this team. I'm somewhat of a latecomer in that I missed the phase where they paid out Mt Marion back to the shareholders so they are basically free carried. But even since then they sold their offtake deal for cash for the shareholders. They split of Widgie which if you participated and then sold on the pump as I did you got another large cash injection. Please find me a company on the ASX where they are taking care of their long term holders as well as NMT (aside from the large players like FMG).

The current setup with forced sellers pushing the stock down is the ideal time to top up. But I'm not here to sell my own confidence to others, just offering a different perspective from the negativity here. Please do your own research to generate your own conviction, nothing more dangerous than relying on someone else's conviction.