The other way I like to imagine is that the market knew...

The other way I like to imagine is that the market knew everything up until now. But for the future it is currently in a wait and watch mode. For NMT the time for hype and general exuberance for future is probably now replaced by caution. After all we are approaching FIDs for all projects in (Vanadium, Barrambie Vanadium/ titanium, recycling) 2022. Add now the refinery. Where will the money come from? Inflation is kicking in and building stuff is getting expensive. If equity will fund then how by much and as you point out the question of dilution. They have not really answered these to my knowledge. In one interview to Crux, I vaguely remember Chris said, in principle they can construct the first recycling plant (forgot which size, there are so many ; 50 ton maybe) without share dilution. I am hoping both the 10 ton commercial plant and the Barrambie project (it's always the 'biggo' when Chris speaks) bring money which can be used for the bigger plants in Europe. Initially I thought the London listing was for a capital raise but not clear any more since in the AGM they said it is not so critical for it to be time bound. They talk of access to green funds but in what way is not clear. May be experts here have an idea. As for Vanadium, I am sure NMT knows the demand side and are not depending on VFRBs. It will still be steel industry and may be green one at that. I vaguely remember Chris mentioning this somewhere. Maybe rebuilding from Covid will spur Steel demand. I think once the funding issue gets clear and the profitability can be estimated the sp will respond better. Meanwhile battery demo plant commisioning and trial data will hold it. Exciting times.