What I was trying to get at was, what value do you place on LRS...

What I was trying to get at was, what value do you place on LRS over the period of your investment. Trying to pick tops and bottoms is a fools game (without trying to be rude).

23c had looked like it was setting up as a double bottom and then market said no thank you and here we are at 20c already. This probably speaks to how useful TA is.

On the FA front - the market now has us trading at 15.5% of our after tax NPV ($3.6bn) versus $560m mkt cap.These numbers based on an assumed spod price of $1,699/T. As @ today SMM has spot spod @ $1.945/T and Sigma achieved an average price above $2,400/T last quarter. So our PEA numbers look very achievable.

Compare this to GL1 who only provided before tax NPV of $2.8bn (after tax will be lower) and they trade around 11% of their NPV. If I apply a discount to estimate their after tax NPV then they appear to also be trading at somewhere around 11% of NPV also. Given their capex is almost double ours, their OPEX is 50-60% higher and they used an assumed spod price of $2,600/T, the current valuation of LRS to GL1 just doesn’t stack up at all.

This is where it’s important to know these financials so you can identify where you think something is cheap and something is expensive.

Granted there are other factors at play (likely a premium for GL1 being in WA for example), but I still believe LRS is currently ‘cheap’.

This shouldn’t be mistaken for me saying 20c is the bottom, because the market can keep doing what it’s doing even if it’s irrational.