Spot on, mate. I'm starting to doubt whether they can wait until...

Spot on, mate.

I'm starting to doubt whether they can wait until 2025 - to be honest.

Market cap (due to dilution) aside, 5.1c intraday is the lowest SP since Bryce Crocker took the helm on the 1st October 2017. What a milestone for Bryce!

He has progressed the business in many ways, but he has also made a series of mistakes as well. Almost 6 years of his tenure & we are hitting all-time lows.

One asset out of three operational. And unlike Umicore (with whom they share Kokkola) - they have looked clueless at times running this refining business. They've struggled to make it work at low-high cobalt prices.

SMP is a 2025 cash-generating business at the earliest and will require them to add further debt to their books - along with securing a partner for this asset.

The ICO - their flagship asset - has zero chance of coming back online - unless they can lock in a deal with the USG & industry to pay a floor price (US$25/lb minimum). This is well above the spot price and forecasted average price over the next few years.

Bryce has gone from boasting about being unencumbered to desperate for government and commercial partners to basically save the business.

I believe in the thematic and their assets, but have lost all confidence in Bryce. I'm agitating for him to be removed and hope it is sooner rather than later.