Joe Lowry up to his old tricks, page-37

Sounds like a dog for sure. I mean an existing brine producer with an expansion option at 50 cents on the dollar of the first stage. And another brine opportunity. And a borax business. I think the chart has dog written all over it! I guess I like dogs.

I actually appreciate some of Joe Lowry's comments with respect to the overall lithium market - my understanding is that he has experience in the area of lithium sales, and decent sales and marketing people tend to have a good grip on the overall market. There certainly is a supply gap, and I think that closing the gap will take longer than many think. Joe has pounded that drum for a while now.

I think there is a lot more caution warranted, however, around his financial prognosticating. Comments like "the truth will come out in the financials" are not particularly insightful, as audited financial statements are supposed to be truthful. If he feels that Orocobre is going to have financial challenges based upon the state of debottlenecking at Oloroz, he should address, in some detail, what these challenges might be. The Company certainly has let the market know where operating costs are trending, and where per ton revenues are going. I think that the main financial players have largely dismissed his commentary, particularly with respect to valuation of various securities. A case in point is Orocobre, which has added hundreds of millions in market capitalization, despite Joe's wrath. Another case in point is Lithium Americas which has remained at muted value despite many boosts from Global Lithium.

Perhaps my biggest gripe with his commentary is that it comes with very little disclosure of his interests. I'm not sure if he is under any obligation to disclose this, but credible financial analysts do so. The more his commentary drifts into picking winners, losers and stock market darlings, the more he should be disclosing potential conflicts of interest that come with his views. I mean, who's paying for the flights to Quebec? Who are clients of Global Lithium? Would Galaxy be a client? What about Lithium Americas or Nemaska? I am betting that Orocobre probably isn't......