HMW Project Valuation, page-23

Totally by a mile spovend , especially compared to some peers. The market has not fully comprehended yet the quality of resource we have at hmw either in size and concentration and lack of impurities . Galan has really managed to fly under the radar for years now . I do think this resource announcement tomorrow and dfs early next year will give us a significant boost .

We are in the Death Valley on the lassonde curve between initial mre and getting into production so I haven’t really found the last 8 months that surprising particularly given what’s going on in the wider market. Seen it in a number of my other resource investments over the years in this same phase. Understanding this pattern is important as stops people panicking when you share is temporarily no longer loved . This is where an astute investor but can double down and make extra returns by understanding the project much better than the market at large which in a sense is mis pricing the risk . Cash is king in this world so once a project converges to production , the steep discounts in this phase of the Lassonde curve have to be reversed if the underlying economics still hold true , and this over discounting then catching up , gives an astute investor a chance for further outsized gains .

Added to the vagaries of the Lassonde curve , on top of that it’s been a terrible year for the market in general thanks to inflation . Given the macro trends I believe we have not done too bad hanging in around 1.20 base and it could have been worse for us if lithium had not become a loved commodity , given there has not been a huge news flow since the broader market went pear shaped earlier in the year .

Also we are pretty tightly held share registry which makes huge moves down harder but equally on the flip side it requires real news encouraging marginal buyers to compete for those floating shares to really move us up . If we have some really substantive announcements including tomorrows this baby will move up very quick .