I'd argue that PLS SP at $4.80 on $2.4B profit very much had...

I'd argue that PLS SP at $4.80 on $2.4B profit very much had lower lithium prices baked in. Just go and read some of the BEOTs analysis of the stock at that time and you will see that they had. i.e forward looking. So why would it be unrealistic to look forward 2 years and expect a higher spod price than today based on demand. If the demand is expected to play out like expected, fast forward 2 years and the demand outlook is looking much stronger than today.

I'd question the commentary of a non holder (that I'd originally replied to) that gives a coarse analysis without acknowledging this as well as the future value of other elements of our business 2 years down the track.

Not expecting $20 personally, expecting $12 plus.