All fair points mate, good discussion. Lots of people fed up...

All fair points mate, good discussion. Lots of people fed up with stocks they hold because of languishing prices right now. I was gutted like everyone else at the DFS carnage, and it’s been an emotionally exhausting ride for sure. I’m just trying to stick with the mindset that:
- todays valuation is on the low side, even if you only factor in a relatively conservative multiple of the figures in the DFS (and it’s about 50% undervalued if you use a basic industry multiple of DFS EBIT)
- the figures in the DFS are conservative (and the NPS would be ~20% higher if calculated today)
- the DFS only covers GW
- no upside on the DFS or GW (e.g. resource size, which we know is much bigger than the reserve) is priced in
- none of the many other very significant assets are priced in
- nothing for NNT is priced in (which could be anything, and is genuinely exciting)

So yes, we’re headed for production in a short amount of time, was supposed to be sooner, but the world hasn’t been an easy place to do business in the last two years. Our valuation isn’t based on some insane multiple, we’re not a buzzy lithium play, we’re not full of hot money. It’s a very reasonable argument than we’re massively undervalued in a market that is letting air out because of inflated and unrealistic valuations. That should make us a really attractive place to invest!