Correct, except those market participants are paying many...

Correct, except those market participants are paying many thousands of dollars to have direct access:

https://www.asxonline.com/content/d...nt-and-trading-schedule-of-fees-v01122016.pdf

You have to take that into account when you're comparing our transaction fees with theirs. If you think it is worthwhile to pay that amount upfront, then go ahead and get setup direct into the ASX.

Secondly, as I said in the original reply and the reply over here: https://hotcopper.com.au/threads/1-transaction-on-asx.4145359/page-6?post_id=32592931

The problem isn't these market participants, it is the complete lack of any other market participants. They can push the price up or down on a whim because nobody else is trading to stop them. There was 2.85m shares traded today. 0.01% of shares outstanding.

Let's be real, if the last trade had been $100, we'd still be sitting here going "well that was a bit pathetic". If it had been $1000, we'd still be thinking it was pathetic.

When you've only got 0.01% of shares being traded in a day, the price will jump around. There's no liquidity, so the price action will be random.

Once we get back to more frequent newsflow, daily volume will increase again and the price won't be susceptible to these movements. That'll be long before we get to $1. Though I look forward to that day with great anticipation

@Clappos68, welcome back. We dropped because of a lack of news to keep punters interested and traders feeding on punters' activity. Add in general market uncertainty and lithium-specific uncertainty and the whole thing comes down.

Doing a valuation with something so speculative is difficult, as the largest factor is the discount you put on it for probability of success.

By my calculations, a 5500tpa P1 plant will produce a profit of ~$110m. Assuming it would take until 2021 to get the P1 plant operating at that level (it will start out at 3000tpa in 2020, and then be debottlenecked). Giving that an earnings multiple of 15, and discount it back to today at 12%, and you should get a share price of around 24c if LPD had 100% chance of getting there.

Current share price of 4c means the market is pricing it at a 16.67% chance of success. At 8c, that was a 33.33% chance. It's up to you to decide if you think that is a realistic chance. If you think it has a better chance, then the shares are cheap.

I absolutely like where the company is heading, which is why it is my largest holding. Management keep dropping pleasant surprises and I expect that will continue to happen. The few times I have emailed Joe directly he has been knowledgeable and helpful when he replied. They know what they're doing.

Cheers