Some things I've found interesting and probably indicative of undervaluation and why imo a +3c SP is a fairer peer reflection for PM1:
1. PM1's Lithium neighbour SEG after some profit taking after the latest run appears to be stabilising and showing a fairly solid market cap around the $7m to $8m mark - PM1 has 2x more money in the bank than SEG
2. Li prices in the last 3 months alone showed another material increase...i.e. not just speculation that the price will go up...it's in fact going up...normally only one reason for that...demand outstripping supply...Manganese ditto
3. Manganese supply open to disruption. Why? If I am reading South 32's FY17 results correctly, they have made a killing out of Manganese over this last financial period...this fact, plus the predicted increase in demand for Manganese as the world electrifies using the reusable chemical energy stored in 'rocks' rather than a once off burning of coal, oil or gas - imo the Manganese play for PM1 is compelling like Lithium but probably still undervalued by the market...watch this space one would think
4. Shouldn't PM1 then rather be on about a $10m MC for having both Lithium and Manganese projects (and Gold like SEG and double the money) - that's a 3.7c SP
Usually at some point the market does attribute fair value (and often overshoots or undershoots in the process). TA imo indicates there is 'smart' accumulation happening at the moment
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Lithium+Manganese 1+1=3
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